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Pakistan placed on FATF's greylist

Pakistan placed on FATF's greylist

India Blooms News Service | @indiablooms | 28 Jun 2018, 05:33 am

Paris, Jun 28 (IBNS): Dissatisfied with Pakistan's efforts in preventing terror financing, the Financial Action Task Force (FATF) on Wednesday has placed the Asian nation on its grey list, following a plenary meeting in Paris.

The global financial watchdog had earlier granted Pakistan a three-month period to clean up its act, pertaining to money laundering and terror-financing, but remained unconvinced with the results showed to them by caretaker Finance Minister Shamshad Akhtar.

The sanction against Pakistan was made despite efforts from Islamabad to avert the decision.

The idea to put Pakistan on the FATF list was first suggested by the USA in February.

Though it received a backlash from China, Turkey and Saudi Arabia, Western countries like Germany, France and the United Kingdom openly backed the idea.

The USA was later successful in convincing Saudi Arabia to back its plan, in return for a full FATF membership.

With Riyadh backing out, Turkey and China's support fell short of the minimum three members Pakistan needed to stop the move.