Pakistan fares badly in terror financing report

Islamabad: Pakistan faces high risks of money laundering and terror financing and has complied with just one the 40 recommendations set by the Financial Action Task Force at the time of the country's inclusion in its grey list, according to a report by the Asia Pacific Group (APG).

The APG released its much-awaited 228-page 'Mutual Evaluation Report' on Saturday, ten days ahead of the crucial Financial Action Task Force's (FATF) plenary meeting which will give its decision on Pakistan's 'grey list' status.

Pakistan was placed on the grey list in June last year and given a plan of action to complete it by October 2019 or face the risk of being placed on the blacklist with Iran and North Korea.

The cut-off date for Pakistan to show improvement to APG was October 2018, and the Pakistani authorities insisted that they made a lot of progress during the past year.