The Financial Action Task Force (FATF), disappointing Pakistan, has decided to keep the Islamic country on its grey list till February 2020 for failing to stop terror financing and money laundering. In a meeting held in Paris on Tuesday, the inter-governmental body reviewed the measures that Pakistan claims to have taken to control money laundering and terror financing. The Paris-based task force directed Pakistan to take additional measures to completely stop terrorist funding.
A formal announcement regarding the interim event will be made on Friday, the last day of the current session of the FATF.
In the meeting held on Tuesday, India had recommended blacklisting Pakistan as they allowed Hafiz Saeed to withdraw money from the cease accounts. The meeting was attended by representatives from 205 countries.
The FATF will now take a final decision on the situation in Pakistan in February 2020. According to a report, the international body has decided to give a four-month relief to Pakistan to implement the recommendations of the task force. A formal announcement will be made on Friday, the last day of the FATF session.
Pakistan rejects reports on FATF
Pakistan Finance Ministry spokesman Omar Hameed Khan dismissed the report of the country’s continuation in the grey list. He said that this was not true and nothing could be said before 18 October.
Earlier in the FATF meeting in Paris, Pakistan’s Economic Affairs Minister Hammad Azhar praised the work done by Pakistan in 20 out of 27 standards for the investigation of terrorist funding.
‘China, Turkey, Malaysia support Pakistan’
According to Pakistani media reports, China, Turkey and Malaysia appreciated the steps taken by Pakistan in the FATF meeting. To avoid getting blacklisted, a country requires the support of at least three countries.
The FATF is an inter-governmental body established by G7 countries in 1989 to counter money laundering, terror funding and other related threats. In 2001, its mandate expanded to include terrorism financing. It monitors progress in implementing its recommendations through “peer reviews” (“mutual evaluations”) of member countries. The body’s Secretariat is housed at the OECD headquarters in Paris.