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Financial Action Task Force grey listed Pakistan despite Islamabad’s 26-point action plan to choke terror funding (Relevant for GS Prelims, GS Mains Paper II; IOBR)

Pakistan on Grey List

Pakistan has been placed on the grey list by the Financial Action Task Force for failing to curb anti-terror financing.

The decision was taken late last night at the global financial watchdog Financial Action Task Force’s (FATF) plenary session in Paris where finance minister Shamshad Akhtar represented Pakistan, according to official sources.

What will be the impact?

The placement on to grey list could hurt Pakistan’s economy as well as its international standing.

The process began in February 2018 when FATF approved the nomination of Pakistan for monitoring under its International Cooperation Review Group (ICRG) commonly known as Grey List.

Pakistan was asked to prepare a plan to address international body’s concerns and get its approval or it could risk being moved to the blacklist.

It presented a 26-point plan of action to the FATF plenary with the commitment to implement it over a period of 15 months to address the concerns of the global community.

The endorsement of the plan means that FATF formally placed Pakistan on the list. In case it had rejected the plan, Pakistan would have been on FATF’s Public Statement, also called as the blacklist.

On 20 June, the Securities and Exchange Commission of Pakistan issued Anti Money Laundering and Countering Financing of Terrorism Regulations 2018, in compliance with FATF recommendations.

On 8 June, the National Security Committee (NSC) reaffirmed its commitment to cooperate with FATF.

By January next year, Pakistan will publish updated lists of persons and entities proscribed under the Anti-Terrorism Act and the UN-designated entities.

What is FATF?

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.

(Adapted from the Print)

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