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Pakistan to stay on FATF grey list for 4 months

16 Oct 2019 - 07:14
16 Oct 2019 - 07:14

PESHAWAR (Pajhwok): Pakistan will remain on the grey list of the Financial Action Task Force (FATF) until February 2020, says a media report.

The Paris-based watchdog has asked Islamabad to take extra measures for complete elimination of terror financing and money laundering.

An FATF meeting in France on Tuesday reviewed the steps that Pakistan has taken to control money laundering and terror financing.

However, Dawn reported, the meeting concluded Pakistan would have to adopt further measures to avoid ending up on the blacklist.

The task force, which is expected to make a formal announcement in this regard on Friday, has linked the blacklisting of Pakistan with unsatisfactory steps to curb money laundering and terror financing.

FATF has reportedly decided to give Pakistan another respite of four months to help it enforce recommendations.

Led by Minister for Economic Affairs Hammad Azhar, a Pakistani team informed the meeting that Islamabad had made positive progress on 20 of the 27 points.

According to the newspaper, China, Turkey and Malaysia commended the steps Pakistan has taken to control money laundering and terror financing.

Representatives from 205 countries and jurisdictions, including the IMF, UN, World Bank and other organisations, are taking part in the Paris meeting.

On Tuesday, India suggested blacklisting Pakistan for allowing Hafiz Saeed to withdraw funds from his frozen accounts.

Largely because of support from Turkey, China and Malaysia, the task force decided not to put Pakistan on the blacklist.

Under the FATF charter comprising 36 countries, the support of at least three countries is needed to escape inclusion in the blacklist.

mud

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