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Pakistan to remain in grey list of global terror financing watchdog- FATF till February 2021

Pakistan will remain on the grey list of global terror financing watchdog, Financial Action Task Force (FATF) as it has not been able to fulfil six out of the 27 mandates to check terror funding. The decision was announced by the President of FATF Marcus Pleyer.

The FATF strongly urged Pakistan to swiftly complete its full action plan by February 2021. It said, Pakistan needs to do more to check terror funding, adding that the 6 items which Pakistan is yet to address are serious deficiencies.

The implementation plan to curb money laundering and terror financing was supposed to be put in place by the end of 2019. However, the deadline was extended in the wake of COVID pandemic.

The FATF is an inter-governmental body set up in 1989 to combat money laundering, terror financing and other related threats to the international financial system. It currently has 39 members. These include two regional organizations – the European Commission and Gulf Cooperation Council.

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