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FATF retains Pak in Grey List; warns of action

FATF retains Pak in Grey List; warns of action

Paris: Pakistan was again put on the Grey List of the international terror financing watchdog FATF, which on Friday warned Islamabad of action for its failure to combat money laundering and terror financing, officials said.

The Paris-based Financial Action Task Force (FATF) decided it's five-day plenary, which concluded here.

By making this decision public, the FATF has given notice to the global financial institutions that they need to prepare to red flag the jurisdiction and ready their systems for the eventuality in February 2020.

If Pakistan continues with the 'Grey List' or put in 'Dark Grey' list, it would be tough for the country to get financial aid from the IMF, the World Bank and the European Union, making its financial condition more precarious.

The FATF Plenary in Paris on Friday noted that Pakistan addressed only five out of the 27 tasks given to it in controlling funding to terror groups like the Lashkar-e-Taiba and Jaish-e-Mohammad, responsible for series of attacks in India.

Agencies

Agencies

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