Global terror financing watchdog FATF retains Pakistan on ‘grey list’
Pakistan has been placed on the list since 2018 for failing to check money laundering, leading to terror financing, and was given a plan of action to complete it by October 2019
Pakistan has been retained in the ‘grey list’ of the global terror financing watchdog Financial Action Task Force (FATF) over failure to address the remaining deficiencies in its financial system.
The FATF added the United Arab Emirates to its increased monitoring list, also known as the grey list, of countries with inadequate controls over terrorism financing.
Pakistan has been placed on the list since 2018 for failing to check money laundering, leading to terror financing, and was given a plan of action to complete it by October 2019.
At the conclusion of its plenary meeting, the Paris-based watchdog announced that Pakistan has completed 26 of the 27 action items in the 2018 action plan, the Dawn newspaper reported.
And it has completed seven action items of the 2021 action plan of the watchdog’s Asia Pacific Group on Money Laundering (APG) ahead of the deadlines.
The FATF encouraged Pakistan to continue making progress to address, as soon as possible, the one remaining item by continuing to demonstrate that terror financing investigations and prosecutions target most wanted terrorists and chiefs of UN-designated terrorist groups.
The statement further said that since June 2018, Pakistan has shown “continued political commitment” that has led to “significant progress across a comprehensive CFT action plan”.
Pakistan has so far avoided being on the blacklist with the help of close allies like China, Turkey and Malaysia.
The FATF currently has 39 members including two regional organisations - the European Commission and Gulf Cooperation Council. India is a member of the FATF consultations and its Asia Pacific Group.
(With inputs from agencies)