Pakistan continues to be in FATF’s ‘Grey List’

Final decision only after an ‘on-site’ inspection

NewsGate Press Network

 

The Paris based global watchdog the Financial Action Task Force (FATF) has again put Pakistan in a ‘grey list’ for allegedly supporting terrorists organisations while funding them via shady deals in money laundering.

On Friday the 17th of June 2022 FATF stated that final decision with regard to Pakistan will be taken only after an ‘on-site’ inspection-cum-verification exercise is done.

The Friday’s decision was announced at Berlin in Germany where FATF held its plenary session.

Delegates representing all member countries of the FATF along with representatives of the UN and IMF discussed key money laundering and terrorist financing issues.
In a statement issued after the Berlin meting the FATF stated it has “made the initial determination that Pakistan has substantially completed its two action plans, covering 34 items, and warrants an on-site visit to verify that the implementation of Pakistan’s committed reforms, and that the necessary political commitment remains in place to sustain implementation and improvement in the future,”

Pakistan was put under a ‘grey list’ category for deficiencies in its counter-terror financing and anti-money laundering regimes since June 2018.

This grey listing adversely impacted Pakistan’s ability to imports, exports, remittances, and limited access to international lending.