FATF decides to keep Pakistan on its Grey List

Global money laundering watchdog the Financial Action Task Force (FATF) yesterday decided to keep Pakistan on its terrorism financing Grey list. In an online press briefing from Paris, FATF President Marcus Pleyer said, Islamabad had made progress, but was yet to complete its action plan to overcome deficiencies in its combating of money laundering and terrorism financing.

FATF said, Islamabad should demonstrate effective implementation of targeted financial sanctions against all the designated terrorists. It said, Pakistan must demonstrate in taking action against UN-designated terrorists and their associates. FATF also said, Pakistan courts must give effective, decisive and proportionate punishment to those involved in terrorism. It also said, Pakistan must have an effective system to deal with terror financing.

Once Pakistan completes three unfulfilled tasks, the FATF will verify and take decision on Islamabad’s present status in June plenary. The deadline given to Pakistan has already expired and it asked the country to address tasks as quickly as possible.