Pakistan stays on FATF grey list, asked to complete action plan by Feb 2021

Global terror financing watchdog FATF on Friday decided to keep Pakistan on its “grey list” till February next year, despite progress by Islamabad on meeting international anti-terrorism financing norms.

India’s nuclear-armed neighbour failed to meet the conditions needed for unfettered access to international funds, according to reports.

In a statement, the Financial Action Task Force urged Pakistan to complete an internationally agreed action plan by February 2021.

The decision was taken in the FATF’s plenary session after Islamabad failed to comply with all 27 parameters set by the task force.

“To date, Pakistan has made progress across all action plan items and has now largely addressed 21 of the 27 action items. As all action plan deadlines have expired, FATF strongly urges Pakistan to swiftly complete its full action plan by Feb 2021,” the FATF said.

Marcus Pleyer, FATF president said that Pakistan completed 21 of 27 items. “It definitely means that world has become safer. But the 6 outstanding items are very serious deficiencies that still have to be repaired, risks haven’t gone. Pakistan govt must do its best to work on these 6 items,” Marcus Pleyer added.

With Pak continues to remain in the grey list, it has become increasingly difficult for it to get financial aid from the International Monetary Fund (IMF), World Bank, Asian Development Bank (ADB) and the European Union, exacerbating problems for the cash-strapped country.

To avoid the blacklist, Pak has needed the support of three other countries and it has been consistently backed by China, Turkey and Malaysia to dodge the label.

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