The global financial watchdog, FATF has listed Pakistan on its 'grey list' yet again on Thursday. But what is FATF? Why is India's neighbor on this list? Here is your cheat sheet.
US Secretary of State Antony Blinken, in the 2020 Country Reports on Terrorism issued on Thursday, said that regionally, terrorist groups continued to operate from Pakistan.
FATF is an inter-governmental body established in 1989 to combat money laundering, terrorist financing and other related threats to the integrity of the international financial system.
Pakistan was once again retained on the FATF's increased monitoring list earlier this month as it has failed to curb terror financing of UN proscribed terrorists on its soil.
Being put on FATF's gray list can scare away investors and creditors, hurting exports, output and consumption. It also can make global banks wary of doing business with a country.
Pakistan has so far avoided being on the blacklist with the help of China, Turkey and Malaysia.
Pakistan is yet to fully implement the 27-point action plan over money laundering and terror financing.
The Financial Action Task Force on Thursday decided to retain Pakistan on the “greylist” till the next review of its performance on the recommendations during the June Plenary session.
Pakistan will continue to remain on the Grey List of the Financial Action Task Force (FATF). The Paris-based body has asked the country to demonstrate "effective implementation" of targeted financial sanctions against all 1267 and 1373 designated terrorists.
Pakistan will continue to remain on the Grey List of the Financial Action Task Force (FATF). The Paris-based body has asked the country to demonstrate "effective implementation" of targeted financial sanctions against all 1267 and 1373 designated terrorists. The decision came at the conclusion of the virtual FATF plenary held in Paris from February 22 to 25 to consider cases of various countries on the grey list, including Pakistan.
The Paris-based Financial Action Task Force had placed Pakistan on the grey list in June 2018 and asked Islamabad to implement a plan of action to curb money laundering and terror financing by the end of 2019 but the deadline was extended later on due to COVID-19 pandemic.
Pakistan has been deceiving the FATF Task Force by pretending to take action against internationally designated terrorist groups and their financial networks but only on paper, a report said.
Pakistan will remain to be on the grey list of Financial Action Task Force (FATF), the terror-financing watchdog announced on Friday during its virtual plenary session.
The report came a day ahead of the group's virtual plenary session which will review Pakistan's progress on the 27-point action plan.
The Financial Action Task Force is all set to decide on Pakistan's grey list status in a virtual meeting scheduled later this month, according to a media report on Monday.
India's most wanted and mastermind of 1993 Mumbai serial blasts Dawood Ibrahim is in Karachi, Pakistan has admitted.
The much-awaited Financial Action Task Force (FATF) mutual evaluation of India's anti-money laundering regime and legal measures framed to check financial crimes, scheduled for this year, has been postponed till early next year in view of the coronavirus pandemic.
Pakistan Foreign Minister Shah Mehmood Qureshi said on Saturday that the government has prepared eight bills for legislation on anti-money laundering and terror financing with a view for Islamabad to move from the Financial Action Task Force's grey list to the white list.
Pakistan on Friday rejected as "fabricated news" the reports in the media about its continuation on the FATF's Grey List, saying no "new decision" was taken about it at the virtual plenary of the global terror financing watchdog.
The decision has been taken as Pakistan has failed to check flow of money to terror groups like Lashkar-e-Taiba (LeT) and Jaish-e-Mohammed (JeM), the official said. The FATF decision comes on a day the US Country Reports on Terrorism slammed Pakistan as a safe harbour for "regionally focused terrorist groups" and allowing LeT and JeM to operate from its soil.
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