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Pakistan to stay in grey list of FATF till 2021

Pakistan to stay in grey list of FATF till 2021

The Financial Action Task Force (FATF) decided to keep Pakistan on the grey list until the next review of its compliance with the recommendations made in February 2021.

 The Financial Action Task Force (FATF) is an inter-governmental body established in 1989 during the G7 Summit in Paris. Its objective is to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.

The FATF had issued the 27-point action plan after placing Pakistan on the ‘Grey List’ in June 2018. The action plan pertains to curbing money laundering and terror financing. While Pakistan has made progress across all action plan items and has largely addressed 21 of 27 action items, the decision to retain it on the grey list or “Jurisdictions under increased monitoring” was taken as the action deadlines have not been met.

The points on which Pakistan neglected to convey incorporated its absence of activity against the non-benefit associations connected to the fear bunches restricted by the UN Security Council (UNSC); and postponements in the indictment of prohibited people and elements like Lashkar-e-Taiba (LeT) chief Hafiz Saeed and LeT operations chief, Zaki Ur Rahman Lakhvi, and also Jaish-e-Mohammad chief Masood Azhar.

The FATF listing makes it extremely difficult for Pakistan to get financial aid from the International Monetary Fund (IMF), the World Bank and the European Union.

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Nikhil Thakur

Editor @magazinegogo

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