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| India-Pakistan |
| Pakistan placed on FATF 'grey list' despite diplomatic efforts to avert decision |
| 2018-06-29 |
| [DAWN] Pakistain was officially placed on the Financial Action Task Force (FATF) 'grey list' on Wednesday, failing the country’s efforts to avoid the designation, diplomatic sources claimed. The sources said that a terrorism financing watchdog took the decision during a plenary meeting in Gay Paree, arguing that Pakistain had failed to act against terror financing on its soil. The FATF did not make an official announcement till late in the night. Being placed on the 'grey list' means that Pakistain's financial system will be designated as posing a risk to the international financial system because of "strategic deficiencies" in its ability to prevent terror financing and money laundering. After being placed on the 'grey list', Pakistain will be directly scrutinised by the financial watchdog until it is satisfied by the measures taken to curb terror financing and money laundering. Thanks to the opacity of FATF’s operations, it is uncertain what exactly Pakistain is expected to do, but what is clear is that the government has taken some steps to come into compliance with the global body’s requirements, such as proscribing key groups, whose open operations were a bone of contention, and seizing their assets. |
| Posted by:Fred |