Friday (October 18): Pakistan has been retained on the ‘Grey List’ by international watchdog Financial Action Task Force (FATF).
FATF has warned Pakistan of action for its failure in tackling money laundering and terror financing, news agency PTI reported quoting officials.
“It was again decided by consensus that FATF would retain Pakistan on the Grey List and warn Pakistan that if it did not complete its full Action Plan and show significant and sustainable progress action will be taken,” an official privy to the development was quoted as saying by PTI.
The decision to retain Pakistan on the Grey List was taken after a five-day plenary of the FATF held in Paris.
It also noted that Pakistan was able to address only five out of the 27 actionable items to rein in terror funding.
It has expressed serious concern over the lack of progress in addressing transnational terror funding risks by the country.
The FATF also urged Pakistan to complete its full action plan by February 2020.
In June last year, Pakistan was placed under Grey List by the Paris-based watchdog and given a plan of action to complete it by October 2019, or face the risk of being placed on the Black List with Iran and North Korea.
By remaining on the “Grey List”, it would be difficult for Pakistan to get financial aid from the IMF, World Bank and European Union, making its financial condition more precarious.