Pakistan which is currently placed on the FATF's 'grey list', has been scrambling in recent months to avoid being added to a list of countries deemed non-compliant with anti-money laundering and terrorist financing regulations by the Paris-based watchdog.
Currently placed on the FATF’s ‘grey list’, Pakistan has been scrambling in recent months to avoid being added to a list of countries deemed non-compliant with anti-money laundering and terrorist financing regulations by the Paris-based FATF, a measure that officials here fear could further hurt its economy.
Dawn reported that the delegation of the Asia Pacific Group (APG) of the FATF was not impressed with the progress made by Pakistan so far as it found the legal framework insufficient, and the institutional arrangements weak.
The team will hold talks with top officials to discuss measures taken by the country to counter money laundering and terror financing after it was added in the 'grey list' for providing financial assistance to terrorists.
FATF, an inter-governmental body aimed at combating money laundering and terrorist financing, has placed Pakistan on its 'grey list' for failing to curb terror financing.
The US State Department has also welcomed FATF action against Pakistan and askd Islamabad to act against terror financing of UN designated terrorists.
The decision by the FATF came even after a Pakistani delegation apprised the global watchdog of Islamabad's commitment on cracking down on both active and banned terror outfits.
The FATF is an inter-governmental body established in 1989 to combat money laundering, terrorist financing and other related threats to the integrity of the international financial system.
With no hope of further support from the United States, the FATF grey-listing is likely to be leave Pakistan with no choice but to act against terror outfits operating from its soil in decisive manner.
The FATF, in a report on Friday, named nine countries with "strategic deficiencies". Among the countries identified were Iraq, Syria, Yemen and Tunisia. Pakistan was on FATF's "grey list" from 2012 to 2015.
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