FATF Grey lists Pakistan until February 2021

Karachi, Oct 24 : The Financial Action Task Force (FATF) President Marcus Pleyer has announced that Pakistan will continue to remain on the grey list of global terror financing watchdog. The decision was taken as FATF has not been able to fulfill six out of the 27 mandates to check terror funding.

 

The global anti-terror financing watchdog, FATF was expected to announce its decision whether to keep Pakistan in the grey list or in the black list, on Oct 23. Initially, the implementation plan in order to curb money laundering and terror financing was supposed to be put in place by the end of 2019. However, the Pandemic had already extended the dead line.

 

According to the recent updates, since Pakistan has not been able to comply with six out of the 27 points of the FATF Action Plan, FATF has decided to put Pakistan in the grey list until February 2021. The six points that Pakistan failed to comply with are specifically related to terror financing. The failure from Pakistan's side has further extended the duration to February 2021.

 

The FATF has strongly urged Pakistan to swiftly complete its full action plan by February 2021. It has said, Pakistan needs to do more to check terror funding, adding that the 6 items which Pakistan is yet to address are serious deficiencies.

 

The Financial Action Task Force (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. It currently has 39 members. These include two regional organizations - the European Commission and Gulf Cooperation Council.