Pakistan remains on Financial Action Task Force's grey list

ISLAMABAD: Pakistan continues to remain on Financial Action Task Force (FATF) grey list even as it is still to implement its action plan. The country has to work towards complete implementations till the next FATF plenary meet that will take place from 17th to October 22.

It is now three years since Islamabad has been on the anti-terror financing body's grey list. For a country to be on the grey list is a signal that money in the country is being used for terror financing. This impacts foreign investment flow in the country impacting the economy. Pakistan was put on the FATF grey list in June 2018.

According to estimates by the Pakistan government, the grey listing at the FATF has caused damage of around $10 billion annually to the country.

Pakistan hosts one of the largest numbers of UN-listed international terrorists with Islamabad reaching out to the United Nations Security Council(UNSC) to get pensions for some. Being on the UN terror list involves assets freeze, travel ban and arms embargo. Over the course of several months, Pakistan has approved a number of legislations on Counter Terror Financing(CTF) and Anti Money Laundering(AML) as part of its commitments to FATF. (Agencies)

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