Pakistan to Remain on Financial Action Task Force’s (FATF) Grey List
- Pakistan is likely to remain on the grey list of the Financial Action Task Force (FATF) for failing to comply with the global terrorist financing watchdog’s deadline to prosecute and penalise terrorist financing in the country.
- Source said the decision, taken at the third and final plenary meeting on Wednesday under the Chinese Presidency of Xiangmin Liu, will be announced soon.
- At the FATF meeting chaired by China in Paris in February this year, Islamabad had been told that “all deadlines” had expired and if they didn’t prosecute and penalise terrorist financing by June 2020, the watchdog would take action with financial consequences.
- At the Paris plenary, the FATF had expressed serious concerns over Pakistan’s failure to complete its 27-point action plan in line with the agreed timelines – which ended in September 2019.
- Wednesday’s development came on a day when Pakistan expressed its disappointment over the US blocking a proposal to designate an Indian national in Afghanistan as a global terrorist.
- “We are disappointed that Pakistan’s proposal to designate Venumadhav Dongara as a terrorist has been objected to,” Pakistan’s Foreign ministry said on Wednesday.
- But Pakistan expressed hope that the listing requests of other three Indian nationals would be given due consideration by the UNSC 1267 Sanctions Committee in an objective and transparent manner. Sources said they would mount a diplomatic campaign, with China’s help, to convince members of the UNSC.
- But Pakistan expressed hope that the listing requests of other three Indian nationals would be given due consideration by the UNSC 1267 Sanctions Committee in an objective and transparent manner. Sources said they would mount a diplomatic campaign, with China’s help, to convince members of the UNSC.
About Black List-
The Financial Action Task Force (FATF) blacklist (sometimes referred to as the OECD blacklist) is a list of countries that the intragovernmental organization considers non-cooperative in the global effort to combat money laundering and the financing of terrorism. By issuing the list, the FATF hopes to encourage countries to improve their regulatory regimes and establish a global set of AML/CFT standards and norms.
About Grey List-
The FATF also issues a grey list, officially referred to as Jurisdictions Under Increased Monitoring. Like the blacklist, countries on the FATF grey list represent a much higher risk of money laundering and terrorism financing but have formally committed to working with the FATF to develop action plans that will address their AML/CFT deficiencies.
The grey list is updated regularly as new countries are added or as countries that complete their action plans are removed. The current FATF grey list, issued , includes the following countries: Albania, the Bahamas, Barbados, Botswana, Cambodia, Ghana, Iceland, Jamaica, Mauritius, Mongolia, Myanmar, Nicaragua, Pakistan, Panama, Syria, Uganda, Yemen and Zimbabwe.
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