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Pakistan To Be Black-Listed? FATF To Decide Status On Terror Finance Listing Today

The Financial Action Task Force (FATF) On Friday Will Officially Announce Whether Pakistan Be Blacklisted By The International Watchdog On Terror Finance.

News Nation Bureau | Reported By : Mohit Raj Dubey | Edited By : Pawas Kumar | Updated on: 18 Oct 2019, 08:19:24 AM
Pakistan was placed on the

New Delhi:

The Financial Action Task Force (FATF) on Friday will officially announce whether Pakistan be blacklisted by the international watchdog on terror finance. FATF is set to announce whether Imran Khan's government has done enough to avoid the "black list" joining Iran and North Korea. While sources indicate that Pakistan could remain in the "grey list" for now, it is set to face strong warnings from the Financial Action Task Force. FATF may maintain Pakistan's status till February 2020 and direct Islamabad to take extra measures for complete elimination of terror financing and money laundering.

In a meeting in Paris on Tuesday, the FATF's International Co-operation Review Group examined the measures that Pakistan has already taken to control money laundering and terror financing. Pakistan’s Minister for Economic Affairs Hammad Azhar had explained his country’s positive performance in 20 of the 27 parameters to check terror financing. It has got support from China, Turkey and Malaysia who "appreciated" the steps taken by Pakistan. The support of at least three countries is required to not blacklist any country.

India recommended the blacklisting of Pakistan citing Islamabad permitting Hafiz Saeed to withdraw funds from his frozen accounts, according to reports.

The FATF is an inter-governmental body established in 1989 to combat money laundering, terrorist financing and other related threats to the integrity of the international financial system.

The meeting is being attended by representatives from 205 countries, the IMF, the UN, the World Bank and other organisations. Pakistan was placed on the "grey list" by the Paris-based watchdog in June last year and was given a plan of action to complete it by October 2019, or face the risk of being placed on the black list with Iran and North Korea.

The FATF "grey list" list also features Ethiopia, Yemen, Iraq, Syria, Serbia, Sri Lanka, Trinidad and Tobago, Vanuatu and Tunisia.

What Will Be Impact Of "Grey List"

  • Pakistan is expected to be kept under "significant and sustained" pressure to deliver on the 27-point action plan by February 2020, when the next plenary session will be held.
  • If Pakistan continues in the "grey list", it would be very difficult for the country to get financial aid from the IMF, the World Bank and the European Union, making its financial condition more precarious. 

(With Agency Inputs)

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First Published : 18 Oct 2019, 08:19:24 AM