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Pakistan formally placed on FATF’s grey list

Pakistan formally placed on FATF’s grey list

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Jun 28, 2018 - 10:48

PESHAWAR (Pajhwok): In a major diplomatic setback, Pakistaninfo-icon has formally been placed on the grey list of the Paris-based Financial Action Task Force (FATF)

The financial watchdog made the announcement late on Wednesday night, blaming Pakistan for its inability to control terror financing on its soil.

In build-up to the meeting in Paris, Islamabad had repeatedly hoped diplomatic efforts would help avert the action based on a proposal from the US and allies.

Hours before of the FATF plenary session, caretaker Finance Minister Dr Shamshad Akhtar asked the watchdog to remove Pakistan from the grey list.

Pakistani delegates informed the task force of the measures Islamabad had taken to crack down on money-laundering and terror-financing. However, the watchdog was not convinced.

In late February, Turkey and Saudi Arabia opposed the US-led move to place Pakistan on the watchlist. But the US pushed for an unprecedented second discussion on Pakistan held on February 22.

Although Saudi Arabia later withdrew support to Pakistan, China and Turkey still stood by the ally, which needed three votes to scuttle the move.

The US tabled the motion, seeking to place Pakistan on the watchlist of countries considered non-compliant with global anti-terror financing measures. The US alleges Pakistan has not taken any action against Hafiz Saeed, the alleged mastermind of the 2008 Mumbai attacks.

The watchdog’s decision is seen as blow to Pakistan’s economy and its relations with the United States.

mud

 

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