Best Friend Goals! Turkey joins 'Best Friend' Pakistan in FATF greylist

New Delhi, October 22: Doing opposite to what Imran Khan was dreaming about, the global terror financing watchdog Financial Action Task Force (FATF) gave a major blow to Pakistan and retained the country on its 'Grey List' of countries.

 

The decision, which was arrived at after a three-day-long plenary session, was announced by Marcus Pleyer, President, FATF on Thursday. Most interestingly, giving company to Pakistan, its 'best friend' Turkey has also newly joined the list. FATF has placed Turkey on the "grey list" over money laundering and terrorist financing. 

 

The financial watchdog had put Turkey on notice for two years as it had found “serious shortcomings". The move is set to hit President Erdogan's attempt to attract foreign investment in the country amid a bleak economic situation. With that, it seems like that, this time Turkey need someone's help to get out off the FATF list.

 

 

 

FATF President had said Pakistan will remain on the grey list till it addresses all items on the original action plan agreed to in June 2018. The financial body said the Pakistan government has the "34-point action plan of which 30 items have been addressed" while adding the "most recent action plan which was in June this year focused on money laundering."

 

 

 

Pakistan was retained on the FATF 'grey list' for failing to effectively implement the global FATF standards and over its lack of progress on investigation and prosecution of senior leaders and commanders of UN-designated terror groups. The FATF has directed the country to do more to investigate and prosecute senior leaders and commanders of UN-designated terror groups involved in terror financing.

 

 

“Pakistan has taken several important steps but needs to “further demonstrate that investigations and prosecutions are being pursued against the senior leadership of UN-designated terror groups,” the president of the global body against money laundering and terror financing said.

 

 

 

“All these changes are about helping authorities prevent terrorism, stop corruption and prevent organised criminals from profiting from their crimes,” he said.

 

It should be worth to be noted that, Pakistan has been on the Paris-based FATF's grey list since June 2018. As consequence, this has severely hampered the country's prospects of obtaining financial assistance from world bodies such as the International Monetary Fund, World Bank, and Asia Development Bank.

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