Pakistan in Emergency: Pakistan to remain in FATF Grey List till Feb 2020 reports: The Financial Action Task Force (FATF) has shattered the expectations of Pakistan. According to media reports, the FATF has decided to keep Pakistan on the gray list till February 2020 for failing to stop Terror Financing and Money Laundering.
The FATF is an inter-governmental body established in 1989 to counter money laundering, terrorist funding and other related threats. In a meeting held in Paris on Tuesday, FATF reviewed the measures that Pakistan has taken to control money laundering and terror financing, as reported by Pakistani News. The Paris-based task force has directed Pakistan to take additional measures to completely stop terrorist funding.
Last Decision in February 2020
Let us know that the Financial Action Task Force (FATF) will now take a final decision on the situation in Pakistan in February 2020. According to the report, the FATF has decided to give four months relief to Pakistan to implement the recommendations of the task force. A formal announcement will be made on Friday, the last day of the FATF session.
Pak Finance Ministry rejected the report
At the same time, Pakistan Finance Ministry spokesman Omar Hameed Khan has dismissed the report of Pakistan’s continuation in the gray list. He has said that this is not true and nothing can be said before 18 October. Earlier in the FATF meeting in Paris, Pakistan’s Economic Affairs Minister Hammad Azhar praised the work done by Pakistan in 20 out of 27 standards for investigation of terrorist funding.
China, Turkey and Malaysia in support of Pakistan
According to Pakistani media reports, China, Turkey and Malaysia appreciated the steps taken by Pakistan in the FATF meeting. Explain that in order to not blacklist any country, support of at least three countries is required.