Pakistan will continue to remain in the grey list of global financial watchdog Financial Action Task Force (FATF), reported PTI, citing a senior minister, on Friday, 26 February.
As per the report, the FATF has decided to retain Pakistan on the grey list, at least until June, as there are "serious deficiencies" in checking terror financing and Pakistan lacks an effective system to deal with it.
However, as per PTI, the Paris-based Financial Action Task Force has also acknowledged Pakistan’s commitment and progress on the issues of concern.
THE GREY LIST
Pakistan was placed on the grey list in June 2018, along with being asked by the FATF to implement a plan of action to curb money laundering and terror financing by the end of 2019.
The deadline, however, was later extended amid the COVID-19 pandemic, reported PTI.
The decision to retain Pakistan on the grey list, came on Thursday and was part of the virtual FATF plenary considering cases of various countries on the grey list.
WHAT IS PAKISTAN SAYING?
Minister for Industries Hammad Azhar, who had led Pakistan’s delegation at the plenary, tweeted that Pakistan has completed almost 90 percent of its current FATF action-plan with 24 out of 27 items rated as ''largely addressed'' and remaining three items ''partially addressed''.
He further said, “Pakistan remains committed to complying with both FATF evaluation processes and I would like to commend the hard work done by dedicated teams in multiple govt depts at Federal and provincial tiers (sic).”