ISLAMABAD – The Financial Action Task Force (FATF) announced on Friday thatPakistan will continue to remain on its grey list that pertains to moneylaundering and terror financing.
The FATF announced its decision in a press conference after concluding asession being held in Paris since June 21 virtually.
The international watchdog acknowledged that Pakistan had completedimplementation on 26 out of 27 points of the action plan, adding that thecountry needs to implement the last condition that comprises six points.
It said that Pakistan needs to improve the punishment system, adding thatthe South Asian country will have to award sentences to UN-designated 1373persons.
As per reports, the taskforce reviewed the Asia Pacific Group’s report onPakistan’s compliance with the watchdog’s prescribed action items.
In June 2018, the global watchdog had placed Pakistan on its grey list overIslamabad’s failure to curb money laundering and terror financing. Sincethen, Pakistan has been struggling to get out of the list by working on theFATF action plan.
Foreign Minister Shah Mahmood Qureshi, a day earlier, said there was nolonger any justification to keep Pakistan on the grey list as the countryhad fulfilled 26 out of 27 action items of the FATF.
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In a statement — two days after FATF’s five-day virtual meeting began inParis — the foreign minister said that Pakistan had fulfilled theanti-money laundering watchdog’s maximum technical requirements.
“Pakistan has completed implementation on 26 out of 27 points of actiongiven by FATF,” Qureshi added.
Qureshi had accused India of making attempts to misuse the forum forpolitical purposes, saying New Delhi has indulged in continuousanti-Pakistan propaganda.
“Pakistan has taken concrete steps to curb money-laundering and terroristfinancing,” he said.
