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Pakistan likely to be placed in FATF 'Dark Grey' list

Pakistan likely to be placed in FATF 'Dark Grey' list

| @indiablooms | 15 Oct 2019, 03:42 am

Islamabad: Pakistan might be facing strong action by international terror financing watchdog Financial Action Task Force (FATF) and maybe put in the 'Dark Grey List', media reports said.

Putting the country in the 'Dark Grey List' means, FATF is issuing a last warning to it to improve the situation.

Ahead of its plenary session, FATF had said in a statement that the areas of discussion will include: "Progress by Iran, Pakistan and other countries that present a risk to the financial system."

While Pakistan will submit a dossier of actions taken by Islamabad agains terror financing and money laundering, FATF will finalise its decision on Pakistan on Friday, Oct 18 in Paris, reported India Today.

Sources told the magazine that Pakistan is on the verge of strong action by FATF, given its inadequate performance, whereby it managed to pass in only 6 of 27 items.

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

What is FATF?

According to its official website, the Financial Action Task Force (FATF) is an inter-governmental body established in 1989 by the Ministers of its Member jurisdictions. 

The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system, read the website. 

The FATF is therefore a “policy-making body” which works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas. 

The FATF monitors the progress of its members in implementing necessary measures, reviews money laundering and terrorist financing techniques and counter-measures, and promotes the adoption and implementation of appropriate measures globally.  In collaboration with other international stakeholders, the FATF works to identify national-level vulnerabilities with the aim of protecting the international financial system from misuse, read the official website.

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