PARIS: The Financial Action Task Force (FATF) placed Pakistan’s name on ‘grey list’ during FATF Plenary in Paris on Wednesday, this announcement was made late on Wednesday night.
According to financial watchdog, it is observed Pakistan had failed to control terror financing on its land.
Furthermore, United States, Britain, Germany and France voted in favor of placing Pakistan on grey list during FATF meeting while Pakistan’s closest allies Turkey, China and Saudi Arabia also backed them.
The meeting in Paris was attended by Caretaker finance minister Shamshad Akhtar along with senior officials of the financial monitoring unit in order to defend Pakistan.
Ahead of the latest meeting, Pakistan took steps in keeping with FATF regulations. On June 20, the Securities and Exchange Commission of Pakistan issued the Anti Money Laundering and Countering Financing of Terrorism Regulations 2018, in compliance with FATF recommendations.
On June 8, Pakistan s National Security Committee (NSC) also reaffirmed its commitment to cooperate with FATF in its fight against terrorist financing and money laundering.
The 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 has been initiating with numerous efforts in recent months so that its name is not added to a list of countries deemed non-compliant with anti-money laundering and terrorist financing regulations by the FATF. This decision may lead to economic pressures to pakistan.