FATF crop: Tweak: Decision to keep gray list by 2020

Islamabad, Ta. Wednesday 16 October 2019

The Financial Action Task Force (FATF) is set to give a big blow to Pakistan once more. So that the water will flow over Pakistan's expectations.

According to media reports, the FATF has decided to keep Pakistan on the gray list until February 2020, due to its failure to stop the funding and money laundering of terrorists.

In addition, Pakistan has been urged by the organization to take more stringent measures to prevent terror funding and money laundering. However, no official announcement has been made yet. The FATF will announce its decision on October 18.

Pakistan was placed on the gray list by the FATF last year for funding terrorists and for money laundering. FATF is an intergovernmental global organization. Which was founded in 1889 by the G Seven countries in Paris.

It was established to prevent money laundering, terror funding and to make the global banking system credible. At the FATF meeting held in Paris on Tuesday, Pakistan reviewed the measures taken to prevent terror funding and money laundering.

In which the organization said that Pakistan needs to take more drastic and effective steps to stop terrorist funds and money laundering. The organization will take the final decision in February 2020. If Pakistan remains on this gray list, it will have difficulty getting financial support from international organizations and other countries.

The official announcement on this will be made on October 18, as the FATF's current session will be completed by then. On the other hand, the Pakistani finance ministry has denied this. Pakistani Finance Ministry spokesman Hamid Khan said that nothing could be said about this before October 18.

So Hammad Azhar said that Pakistan has made progress on 22 of the 27 directions given by the FATF. Besides, according to media reports, China, Malaysia and Turkey also praised Pakistan at the meeting.

As per the rules of this organization, if any country gets the support of another 7 countries, it is not blacklisted. Representatives from 205 countries, along with representatives from the International Monetary Fund, the World Bank and the UN are also present at the meeting.