For ignoring warnings, Pakistan now back on terrorism financing 'grey list'

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Paris [France]: Pakistan has officially been put on the 'grey list' of countries for financially aiding terrorism by global anti-terror financing watchdog Financial Action Task Force (FATF).

The decision was taken during a plenary meeting in Paris, with the global watchdog arguing that Pakistan has failed to act against terror financing on its soil.

FATF is a global body that combats terrorist financing and money laundering.

A Pakistani delegation, led by the country's Interim Finance Minister Dr Shamshad Akhtar, apprised the FATF of steps taken to combat terror financing and money laundering and pleaded with to not put the name on the grey list, reported a private Pakistani TV news channel Geo News.

The decision to put Pakistan on the grey list was taken in February this year, but was received a temporary relief reprieve. The country was given respite till June to combat the issue of internal financing of terrorism.

Pakistan was previously on the grey list from 2012 to 2015.

Pakistan claims that in compliance with the FATF`s recommendations, the Securities and Exchange Commission of Pakistan (SECP) issued the Anti Money Laundering and Countering Financing of Terrorism Regulations, 2018 on June 20.

Earlier on June 8, the National Security Committee (NSC) reaffirmed its commitment on cooperating with FATF for achieving "shared objectives".

Islamabad has been scrambling in recent months to avoid being added to a list of countries deemed non-compliant with anti-money laundering and terrorist financing regulations by the FATF, a measure that officials here fear could hurt its economy, which is already under strain.