World / Pak to remain in grey list of global terror funding watchdog FATF, 3 new nations added

Zoom News : Oct 22, 2021, 12:58 PM
New Delhi: The Financial Action Task Force (FATF) has retained Pakistan under increased monitoring (grey list). The decision, which was arrived at after a three-day-long plenary session, was announced by Marcus Pleyer, President, FATF on Thursday.

"Pakistan's government has the 34-point action plan of which 30 items have been addressed," Pleyer said. Besides Pakistan, three countries - Jordan, Mali and Turkey have also been put on the FATF list.

"Pakistan has largely addressed 30/34 items, most recent action plan which was in June this year focused on money laundering," he further added. The FATF also congratulated Mauritius and Botswana for being removed from the grey list.

Cash-strapped Islamabad struggles for loans from world bodies

The FATF plenary concluded its three-day session on Thursday, after which the German president of the global watchdog announced its decision on Pakistan. The plenary was attended by delegates International Monetary Fund, the United Nations and the Egmont Group of Financial Intelligence Units among others. China, Turkey and Malaysia have been helping Pakistan to prevent getting blacklisted at the FATF.

In February, Pakistan was retained on the FATF grey list for failing to counter terror-linked crimes such as money laundering - a major source behind terror funding. The global watchdog had also asked Pakistan to take action against commanders of terror organisations, including against those of UN-designated terror groups.

Pakistan's inclusion in the grey list has severely hampered that country's prospects of obtaining financial assistance from world bodies such as the International Monetary Fund, World Bank, and Asia Development Bank. Most recently, Islamabad's endeavour to obtain a $1 billion loan from the IMF also failed.

The world has also been watching Pakistan's efforts to back the Taliban government in Afghanistan as well as its proximity to the infamous Haqqani network.