FATF terror financing watchdog to take a call on Pakistan’s grey list status today

The Financial Action Task Force, FATF is set to decide today whether or not Pakistan has made considerable efforts to counter terror financing and take a call on whether the country will continue to remain in the grey list.

It is highly unlikely that Islamabad will get a breather as European nations believe the country has not fully implemented the points in the plan of action laid down by the watchdog. According to media reports, certain European nations, including FATF host France, have recommended that Pakistan continued to be kept in the grey list.

AIR correspondent reports that the FATF is an inter-governmental body set up in 1989 to combat money laundering, terror financing and other related threats to the international financial system. Currently, it has 39 members. Pakistan has been on the grey list since June 2018.

In its plenary held in October last year, the FATF had kept Pakistan on the grey list citing its failure to fulfill six out of 27 obligations of the global money laundering and terrorist financing watchdog.

If Pakistan continues with the Grey list or is put in the Dark Grey list, it will be very difficult for the country to get financial aid from International Monetary Fund, the World Bank and the European Union, making its financial condition more precarious.

Source: News On Air