Financial Action Task Force (FATF) on Friday decided to place Pakistan on its terrorist-financing ‘Grey lest’ after a move initiated by the United States of America.
The final announcement of the development will be made on Friday by the task force. According to reliable sources in MEA, only China, Turkey and Saudi Arabia remained silent and Western powers lobbied the US move.
FATF’s move will now enhance the level of scrutiny applied to the financial transactions that country’s banking sector carries out with rest of the world.
The resolution to place Islamabad on the ‘grey list’ went through after China and other Gulf Cooperation Council countries dropped their opposition. During the resolution the three countries remained silent.
Britain, France and Germany also backed the resolution.
China, Saudi Arabia and Turkey — closed allies of Pakistan — had earlier joined hands to block the resolution to place Islamabad on the grey list.