Pakistan to remain on FATF grey list till Feb 2020

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ISLAMABAD: While allowing a four-month lifesaver, the Financial Action Task Force (FATF) has firmly asked Pakistan to quickly finish its full activity plan by February 2020 and up to that point the nation will stay on the ‘grey list’.

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Pakistan on FATF grey list

The Paris-based FATF explored measures taken and progress made by around 15 nations, including Pakistan, combating the financing of terrorism and vis-à-vis anti-money laundering (CFT/AML) in its five-day, which con­clu­ded on Friday. Agents from 206 nations and locales around the globe partook in the gathering. The Pakistani delegation was driven by the Minister for Economic Affairs, Hammad Azhar.

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Toward the finish of the gathering, three nations — Iceland, Mongolia, and Zimbabwe — were added to the grey list, while Sri Lanka, Tunisia, and Ethiopia were expelled from the list as they have satisfactorily consented to the FATF suggestions.

The news isn’t that great on account of Pakistan as the worldwide watchdog warned of activity on the off chance that critical and supportable advancement isn’t made over the full scope of activity plan by the following entire booked for February 2020, an announcement gave by the FATF said. The activity, it included, could incorporate the FATF approaching its members and urging all jurisdictions to advise their budgetary foundations to give attention for transactions and business relations Pakistan.

“Until this point in time, Pakistan has just to a great extent tended to five of 27 action items, with fluctuating degrees of progress made on the rest of their action plans” the note additionally said.

While taking note of ongoing improvement, the FATF again communicated series worries with the general absence of progress by Pakistan to address its TF (terror financing) dangers, incorporating remaining insufficiencies in showing an adequate understanding of Pakistan’s transnational TF dangers, and all the more extensively, the nation’s inability to finish its activity plan in accordance with the concurred courses of events and in the light of TF dangers emanating from the jurisdiction.

The FATF places those nations on its grey list which are not taking measures to battle terror financing and money laundering ie Pakistan. Position on the gray list is a warning for Pakistan that might be put on the blacklist if there should be an occurrence of its inability to take successful measures against terror financing and money laundering.

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In 2012, Pakistan was set on the gray list and stayed till 2015. The nation was put on the grey list again on June 29, 2018. Pakistan was given 15 months for the usage of the 27-point activity plan, with a notice that if there should be an occurrence of failure the nation would be added to the blacklist — list of the nations marked as uncooperative and tax havens for terror funding.

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As of now, just Iran and North Korea are on the blacklist.

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