Pakistan's Foreign Minister Shah Mahmood Qureshi on Monday claimed that India was trying to push his country on the blacklist of the Financial Action Task Force (FATF).
The chances are high that Pakistan will be retained on the 'grey list' during the FATF's crucial plenary meetings this month as the country has complied with just one the 40 recommendations set by the global anti-money laundering watchdog at the time of the country's inclusion in the list, according to a report by the Asia Pacific Group (APG).
The observations are a major blow to Pakistan which faces the threat of being placed under the FATF's "blacklist"
Cash-strapped Pakistan may seek the intervention of the US for relief from the tough conditions of the FATF and the IMF in lieu of its its services for the peaceful exit of American troops from Afghanistan, according to a media report.
Pakistan on Monday submitted detailed answers to 125 questions posed by the Financial Action Task Force (FATF) on moves taken by it to strengthen anti-money laundering and combat financing of terrorism, as Islamabad seeks to move out of the FATF Greylist.
Pakistan has suffered another setback at the international stage today as the Asia-Pacific Group of the Financial Action Task Force (FATF), an international anti-money laundering watchdog, has downgraded it and placed it under the list of blacklisted countries.
In a big blow to Imran Khan, the Financial Action Task Force (FATF) has blacklisted Pakistan for failing to act on terror funding and money laundering.
In June last year, the FATF placed Pakistan on the grey list of countries whose domestic laws are considered weak to tackle the challenges of money laundering and terrorism financing.
Saudi Arabia which had received an invitation from the FATF at the beginning of 2015 to join as an "observer member", was admitted into the organization after the group's meeting in Orlando, Florida, on Friday.
India on Saturday asked Pakistan to address global concerns on terrorism by taking "credible" and "irreversible" steps, after an international body, Financial Action Task Force (FATF), slammed the country for failing to do enough to check terror financing and warned of action if it does not comply with the requirements in four months.
In June last year, the FATF placed Pakistan on the grey list of countries whose domestic laws are considered weak to tackle the challenges of money laundering and terrorism financing.
In June last year, the FATF placed Pakistan on the grey list of countries whose domestic laws are considered weak to tackle the challenges of money laundering and terrorism financing.
The US, the UK and France are some prominent countries to have voiced concern over Pakistan's failure to do enough to contain terror funding in its soil and not registering cases against terror masterminds Hafiz Saeed and Masood Azhar under anti-terror laws, sources said on Friday.
The Asia-Pacific Group (APG), a regional affiliate of the Financial Action Task Force (FATF), has raised questions on Pakistan's seriousness in its campaign against terror financing and money laundering, the media reported on Friday.
Pakistan is already under intense international pressure to rein in terror groups like the Jaish-e-Mohammed (JeM) after the Pulwama terror attack.
Pakistan, wary of being blacklisted by the Financial Action Task Force, has urged it to remove India from the co-chair of a body that is reviewing Islamabad's progress on the implementation of an action plan to combat terrorism.
Pakistan has been placed on the grey list by the FATF for failing to curb anti-terror financing in June last year, despite Islamabad's diplomatic efforts to avert the decision.
"The FATF notes with grave concern and condemns the violent terrorist attack last week that killed at least 40 Indian security forces in Pulwama in the State of Jammu and Kashmir," it said after the week-long FATF plenary held in Paris.
A dossier, nailing the culpability of Pakistan in the terror attack in Pulwama, will be given to the FATF, an international terror financing watchdog, to expose the neighbouring country's links with terrorism and seeking its blacklisting, officials said on Saturday.
The meeting is likely to review the progress made in achieving the targets set under an action plan to stop money laundering and terror financing from Pakistan, the Express Tribune reported.
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