FATF Retains Pakistan On 'Grey List', Gives 4 More Months For Reforms

by Ritu Versha 4 years ago Views 2139

 FATF Retains Pakistan On 'Grey List'
The Paris based Financial Action Task Force (FATF) on Friday formally announced that Pakistan will remain on its grey list for the next four months, warning of action if the country fails to complete its full action plan by February 2020.

The terror funding watchdog failed Pakistan on 22 out of 27 parameters set out by the body, leaving it with a stark warning that “formal Black Listing in Feb 2020" was “now highly probable" if it fails to curb the flow of funds to terrorist groups.

Earlier, the FATF report has concluded that Pakistan failed to fully implement UN Security Council Resolution against 26/11 mastermind Hafiz Saeed and other terrorists associated with terrorist groups such as Lashkar-e-Taiba and Jamaat-ud-Dawa.

The observations are a major blow to Pakistan whose domestic laws are deemed weak to combat money laundering and terror financing in the country. 

Pakistan was placed on the "grey list" in June last year and was given a plan of action to complete it by October 2019.

The final decision on Pakistan’s position is expected to be taken on February 2020.

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