FATF takes the final decision over Pakistan greylist or blacklist

FATF takes the final decision over Pakistan greylist or blacklist

ISLAMABAD - Financial Action Task Force session in Paris takes the final decision over Pakistan greylist or blacklisting.

The ongoing Financial Action Task Force meeting in Paris today declared that Pakistan will not be placed on blacklist. However Pakistan be in the grey list till February 2020. The formal announcement for the same will be made on October 18.

The Paris-based financial watchdog has asked Pakistan to take further measures in the next four months to curb terror-funding.

FATF reserved the final decision for February 2020 when it will be deciding whether or not to Greylisted or blacklist Pakistan.

Pakistan delegation led by its Economics Affairs Minister Hammad Azhar told the organisation that the country was meeting 20 of 27 parameters. It claimed that the FATF was satisfied with the measures adopted by Islamabad and its progress in several sectors, reported The Dawn.

The FATF has directed Pakistan to take extra measures to eradicate terror financing after reviewing the latest steps taken by the country to curb money laundering.

In June 2018, FATF had put Pakistan in the grey list and gave it a time of 15 months to take appropriate measures to curb transaction of money to terror outfits. It had suggested a 27-action plan to Islamabad warning that if it failed, it will be blacklisted which prohibits financial aid to a country from international economic forums.

The FATF meeting will conclude on October 18 and is being attended by representatives from 205 countries. Organisations to have convened for the meet include the International Monetary Fund, the United Nations and the World Bank.