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Pakistan remains on FATF gray list

Pakistan remains on FATF gray list

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On
Jun 22, 2019 - 16:30

KABULinfo-icon (Pajhwok): Pakistaninfo-icon has failed to convince the Financial Action Task Force (FATF) in its recent huddle in the US regarding the steps Islamabad undertaken to curb terror financing.

Islamabad has been on the global money laundering watchdog’s radar since June 2018, when it was placed on a grey list for terrorist financing and money laundering risks after an assessment of the country's financial system and security mechanism.  Turkey was the only country that had opposed the move backed by the United States, the United Kingdom and Pakistan’s arch-rival India. However, Islamabad’s longtime ally, Beijing abstained.

According to the 36-nation FATF charter, the support of at least three member states is essential to avoid the blacklisting.

Pakistan has managed to garner much-needed support from three member states of the (FATF) to avoid being place on its blacklist, but black clouds are still hanging over it.

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