Updated By: LatestGKGS Desk
FATF Puts Pakistan on Grey list, Action by June-2018
Financial Action Task Force (FATF) Puts Pakistan on Grey list, Action by June-2018- Details
Pakistan has been voted out to place it on ‘Grey List’ by the Financial Action Task Force (FATF) organisation meeting held in Paris, France on 23rd February 2018.
The Global Money Laundering watchdog FATF has provided Pakistan with time to submit an action plan for managing money laundering against terror financing by June 2018.
The FATF assessment will be made on Pakistan’s actions to countering terror financing, chiefly for Jamaat-ud-Dawah and Falah-e-Insaniyat Foundation, both groups linked to Lashkar-e-Taiba founder Hafiz Saeed.
In FATF meeting, the United States proposed Pakistan’s name to put it on Grey list, but the decision was delayed due to different opinions and arguments between the United States and its allies Britain, Germany, France on one side and Pakistan followed by its allies including Turkey, Saudi Arabia and China on the other side.
Finally, the FATF meeting concluded to put Islamabad (Pakistan) on Grey List with a grace of 3 months (June 2018). The FATF move is believed to inflict serious damage on Pakistan’s economy.
The Financial Action Task Force (FATF) is an inter-governmental body established in 1989 by the Ministers of its Member jurisdictions.
The FATF main objectives 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.
