The Financial Action Commission Task Force (FATF) has taken a decision that Pakistan will remain on its grey list till February of the next year. The Task Force has also instructed Islamabad to take additional measures to eradicate terror financing and money laundering, as per reports on Wednesday.
A meeting in Paris concluded that Pakistan has already taken preventive measures to manage terror financing and money laundering. However, the meeting observed that Pakitan has to take more steps to further improve this situation in the next four months.
The formal announcements on this decision will be made on 18th October.
The country was given 15 months to fulfill the executions of the 27-action-plan and was put on the grey list by the watchdogs on June 18th. And if they fail to accomplish this task, they will be put on the blacklist.
“Islamabad urged to take extra measures to avoid plunging into the blacklist”
A Pakistani deputation Led by the Minister of Foreign Affairs, Hammad Azhar, addressed the media saying that Pakistan has made a great advancement in 20 out of 27 points. The FATF showed complacency on the actions taken by Pakistan and its progress in diverse areas. Mr. Azhar could not be contacted to get an official retort in spite of attempts made by him.
China, Malaysia, and Turkey expressed appreciation for the steps taken by Pakistan. While on Tuesday meeting, India has suggested to blacklist Pakistan on the plea that Islamabad has allowed Hafiz Saeed for withdrawing from their locked accounts. Concerns were also raised on the tax amnesty scheme offered in Pakistan. According to the FATF charter comprising 36 countries, the support of at least three countries is required to not blacklist any country.
Meanwhile, representatives from 205 countries and jurisdictions around the world, the IMF, the UN, World Bank, and other organizations are attending the meeting.