With a massive setback to Pakistan, the nation will remain on the grey list of the Terrorist Financial Action Task Force ( FATF). The decision was made during the three-day plenary session of the Paris-based Global Watchdog from 21 to 23 October.
“To date, Pakistan has made advances among all areas of the Action Plan and has now largely resolved 21 of the 27 action items. As all action plan deadlines have passed, the FATF urges Pakistan to complete its full action plan quickly by February 2021, “said the FATF.
FATF President Marcus Pleyer said, “Pakistan has completed 21 of the 27 things, which means that the planet has become better. But the 6 remaining products are very serious defects that do need to be corrected, and the risks have not gone anywhere. The Pakistani government must do its utmost to work on these six things.
According to sources, Pakistan was placed on the grey list by the FATF in June 2018, which means that it has been two years since Islamabad stayed on the list. In 2018, the country was also asked to adopt an action plan to tackle money laundering and terrorism finance by the end of 2019, but the deadline was later postponed as a result of the Covid-19 pandemic.
The so-called “grey list” contains countries whose restrictions on the funding of “terrorism” are considered insufficient.
Pakistan’s strong army is frequently accused of harbor fighters using them as fronts against India and neighboring Afghanistan.
Pakistani Prime Minister Imran Khan, elected in 2018, has been trying to root out attacks from militant groups while under pressure from painful austerity steps taken to correct a shaky economy and comply with the terms of his new bailout of the International Monetary Fund ( IMF).
Separately on Friday, Iceland and Mongolia were excluded from the FATF list of countries under intensified surveillance.