Pakistan remains on FATF grey list, asked to fulfil its commitments by February 2020

Written By: Sidhant Sibal WION
New Delhi, India Updated: Oct 18, 2019, 03:37 PM(IST)

File photo: Pakistan Prime Minister Imran Khan. Photograph:( AFP )

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The outcome comes after a week-long meet of the FATF's plenary in Paris which started on Monday.

Pakistan will remain on the FATF's grey list till February 2020 and has been asked to fulfil its commitments by that time period. Most members expressed serious concern on Pakistan's progress on its anti finance terror commitments.

The outcome comes after a week-long meet of the FATF's plenary in Paris which started on Monday. A five-member Pakistani team, led by Hammad Azhar, Federal Minister for Economic Affairs of Pakistan, is in Paris for the meet.

FATF is a technical body with the aim to protect the international financial system. The 30-year-old body works on the consensus of its member countries.

Watch: WION's Kartikay Sharma on FATF's decision on Pakistan

Pakistan was put on the grey list by the FATF last year and is causing a loss of $10 billion to Pakistani economy annually. A blacklist will further have a detrimental impact on Pakistan's weak economy as investors won't be keen to invest in a country that is prone to terror financing.

Earlier this month, Asia pacific group (APG) of the Financial Action Task Force had released the mutual evaluation report of Pakistan taken up during the August meet in Australia in which the country had not done well.  

The report had even said that Islamabad hasn't taken sufficient action to implement sanctions under the United Nation Security Committee of 1267 on 26/11 mastermind Hafiz Saeed and country "faces significant money laundering and terror financing risks".

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