26 Feb 2021
Global money laundering watchdog the Financial Action Task Force (FATF) on Thursday said it would keep Pakistan on its terrorism financing “grey list”.
FATF had placed Pakistan on its “grey list” of countries with inadequate controls over terrorism financing in 2018, which made foreign firms more cautious about investing in Pakistan.
In an online press briefing from Paris, FATF President Marcus Pleyer said Islamabad had made “significant progress” but there remained “serious deficiencies” in mechanisms to plug money laundering and terrorism financing.
Pleyer said three out of 27 action points still needed work.
Following the announcement, Pakistan said it was committed to complying with the FATF evaluation process.
“It was also noted by FATF member countries that Pakistan is subject to perhaps the most challenging and comprehensive action plan ever given to any country,” Pakistani federal minister Hammad Azhar wrote on Twitter.
By Gibran Peshimam, Reuters, 25 February 2021
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