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Pakistan to remain in greylist of international terror financing watchdog FATF

Islamabad was put on the greylist in 2018 which means the country comes under financial jurisdiction with 'structural deficiencies' in anti-money laundering (AML) and combating the financing of terrorism (CFT) or just supports financing of terror.

Pakistan to remain in greylist of international terror financing watchdog FATF
File photo

Pakistan is certain to stay on the greylist when the next meet of Financial Action Task Force or FATF takes place, an official from FATF member countries said on Wednesday.

The grouping, which looks in to money laundering and terrorism financing issues, will meet from 16th to 21st June in Orlando, Florida.

During the meet, it will be discussing Pakistan's listing and if the country has taken any action to combat terror financing.

FATF's Asia-Pacific Group (APG), which met in China in mid May, was not impressed by Pakistan's action on terror financing.

Islamabad was put on the greylist in 2018 which means the country comes under financial jurisdiction with 'structural deficiencies' in anti-money laundering (AML) and combating the financing of terrorism (CFT) or just supports financing of terror.

In June of 2018, Pakistan had made a high-level political commitment to work with the FATF and Asia Pacific group to strengthen its AML/CFT regime and to address its strategic counter- terrorist financing-related deficiencies.

Being in FATF's grey list has caused a loss of $10 billion to Islamabad and if Islamabad fails to take any concrete action on terror, it might be put on the black list.

The FATF in its February meet had come hard on Pakistan saying it has not demonstrated a proper understanding of the Terror Financing risks posed by "Da'esh, AQ, JuD, FiF, LeT, JeM, HQN, and persons affiliated with the Taliban."