Islamabad, October 16: The Financial Action Task Force (FATF) on Wednesday maintained that it has kept Pakistan in its Grey List till February 2020 and directed it to take extra measures for the complete elimination of terror financing and money laundering, say reports. Earlier, FATF placed Pakistan on the 'Grey' list in June 2018 and gave the country 15 months to complete implementation of a 27-point action plan.
Reports state that FATF in 2018 has warned to keep the terrorist funding in check, else it would place Pakistan in the 'Black' list. When measured in the 27-point action plan, Pakistan could only in six while it failed in the rest of the standards. The final list on Pakistan's fate would be announced on October 18 after the FATF meeting, which would be attended by representatives from 205 countries as well as jurisdictions around the world, including the International Monetary Fund, UN, World Bank and other organisations. What is 'Dark Grey' List of FATF? Know About Essential Stage Where Pakistan Faces Risk of Being Blacklisted.
Though Pakistani media claim that FATF had "expressed satisfaction" over the steps taken by Islamabad in compliance on measures to tackle terrorism funding and money laundering, sources state the road for Pakistan would not be that easy. There are even high speculations that Pakistan might be put in 'Dark Grey' list.
Considering the difference between grey, dark grey and black list, FATF states that the term 'Dark Grey' is used to issue a strong warning so that the concerned country gets one final chance to improve. While 'Drak Grey' means warming up for the final phase, i.e. 'Black' list -- means the country concerned is "non-cooperative" in the global fight against money laundering and terrorist financing.
This year, China holds the presidency of the FATF. Besides China, Turkey and Malaysia have also backed Pakistan. If Pakistan continues with the 'Grey' list or is put in 'Dark Grey' list, it would be very difficult for the country to get financial aid from the IMF, the World Bank and the European Union, making its financial condition more precarious.