Pakistan was placed on the grey list by the FATF in June 2018 Photograph:( WION Web Team )
According to a report, Islamabad is still short of meeting the FATF criterion, including curbing terror financing.
Pakistan is likely to remain on the Financial Action Task Force's ‘grey list’ till the next session of the global money laundering and terror financing watchdog in April 2022, according to a media report.
According to a report by Pakistan-based The News International, Islamabad is still short of meeting the FATF criterion, including curbing terror financing.
Paris-based FATF will be in session for three days from October 19 to 21.
The report, quoting sources in German media house Deutsche Welle, said the global body’s decision on putting Pakistan off the ‘grey list’ may be taken in the next session slated for April 2022.
The FATF in June retained Pakistan on its 'grey list' for failing to check money laundering, leading to terror financing, and asked Islamabad to investigate and prosecute senior leaders and commanders of UN-designated terror groups, including Hafiz Saeed and Masood Azhar.
It also asked Pakistan to work to address its strategically important deficiencies.
Pakistan was placed on the grey list by the FATF in June 2018 and was given a plan of action to complete it by October 2019. Since then, the country continues to be in that list due to its failure to comply with the FATF mandates.
With Pakistan's continuation in the grey list, it will increasingly become difficult for the country to get financial aid from the International Monetary Fund (IMF), World Bank, Asian Development Bank (ADB) and the European Union.
Pakistan has so far avoided being on the blacklist with the help of China, Turkey and Malaysia.
Apart from Pakistan, Turkey may also be “greylisted” since it has reportedly failed to combat terrorist financing and money laundering.
The Financial Times reported that that global financial watchdog may approve the decision to put Turkey on the ‘grey list’.
There are 22 countries on FATF's grey list including Yemen, South Sudan, Syria, Morocco, Albania, Zimbabwe, Cambodia, Barbados, Cayman Islands, Philippines among others.
(With inputs from agencies)