Representative Image. Photograph:( Zee News Network )
FATF's Asia-Pacific Group which met in China in mid-May wasn't impressed by Pakistan's action on terror financing.
The Financial Action Task Force or the FATF will announce its decision on whether Pakistan will continue to remain on the grey list which is causing a loss of $10 billion to Pakistan's economy annually or will it be blacklisted.
The week-long plenary of FATF from 16th to 21st June in Orlando, Florida comes to an end on Friday with FATF president Marshall Billingslea set to do a presser at 9:30pm(IST) to decide Pakistan's fate.
While it is certain Pakistan will remain on the grey list, the decision on it being blacklisted is something which will be known only later Friday evening.
Ahead of FATF's decision, Pakistani foreign minister SM Qureshi said, "Going to blacklist would be damaging for Pakistan, we understand its implications. At the diplomatic level, we are trying to avoid such a situation and for this the strategy and homework which was needed to be done, has been done from our end successfully."
On Pakistan being on the grey list, Qureshi said, "This government's desire is that Pakistan should not even be in the grey list of FATF for which certain steps were required and as I have said earlier, we have take a lot of steps...The capacity building, understanding the importance and other things and Inshahallah, we are fighting Pakistan's case in the best possible manner and would continue to do so."
FATF's Asia-Pacific Group (APG) which met in China in mid-May wasn't impressed by Pakistan's action on terror financing.
Islamabad was put on the grey list last year which means the country comes under financial jurisdiction with “structural deficiencies” in anti-money laundering (AML) and combating the financing of terrorism (CFT) or simply - supports terror financing.
Ministry of external affairs spokesperson Raveesh Kumar said,"It is a sensitive matter. It is a matter on which decision is taken by the members of FATF. At this stage, it will not be proper to come up with any expectations or in which direction things will go as far as FATF is concerned."
The FATF in its February meet had come hard on Pakistan saying it has not demonstrated a proper understanding of the terror financing risks posed by "Da’esh, AQ, JuD, FiF, LeT, JeM, HQN, and persons affiliated with the Taliban."