Financial Action Task Force Retains Pakistan On Grey List – What It Means For The Country?

Financial Action Task Force has expressed serious concerns with the overall lack of progress by Pakistan to address its Terror Financing risks.

Financial Action Task Force Retains Pakistan On Grey List – What It Means For The Country?  Financial Action Task Force Retains Pakistan On Grey List – What It Means For The Country? FATF week e1571547364454
Financial Action Task Force Retains Pakistan On Grey List – What It Means For The Country?

Intergovernmental organization Financial Action Task Force (FATF) again during FATF Plenary expressed serious concerns with the overall lack of progress by Pakistan to address its TF (Terror Financing) risks, including remaining deficiencies in demonstrating a sufficient understanding of Pakistan’s transnational TF risks, and more broadly, Pakistan’s failure to complete its action plan in line with the agreed timelines and in light of the TF risks emanating from the jurisdiction.

Pakistan continues to be on the Grey List of the international terror financing watchdog and the country has been warned of action for its failure to combat Money Laundering and terror financing.

What happens if Pakistan continues with the Grey List?

If Pakistan continues with the ‘Grey List’, it would be very problematic for the nation to get financial aid from the IMF (International Monetary Fund), the World Bank and the European Union.

The FATF said, “to date, Pakistan has only largely addressed five of 27 action items, with varying levels of progress made on the rest of the action plan.”

The FATF strongly urges Pakistan to swiftly complete its full action plan by February 2020. Otherwise, should significant and sustainable progress not be made across the full range of its action plan by the next Plenary, the FATF will take action, which could include the FATF calling on its members and urging all jurisdictions to advise their FIs to give special attention to business relations and transactions with Pakistan.

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