Pakistan Continues To Remains On FATF’S Grey List
It is now 3 years since Islamabad has been on the anti-terror financing body’s grey list
Pakistan continues to remain on Financial Action Task Force or FATF’s grey list because 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 in from October 17 to October 22 this year.
It is now 3 years since Islamabad has been on the anti-terror financing body’s grey list. Being on the grey list is a signal that money in the country is being used for financing terrorism. 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 Pakistani government, grey listing of Pakistan at FATF is causing damage of around $10 billion annually to the country. The country hosts one of the largest numbers of UN Listed international terrorists with Islamabad reaching out to the United Nations Security Council to get pensions for some. Being on the UN terror list means assets freeze, travel ban and arms embargo.
Over the course of several months, the country has approved a number of legislations on Counter Terror Financing (CTF) and Anti Money Laundering (AML) as part of its commitments to FATF. An on-site visit by the FATF team will happen as part of the process to see Pakistan’s action to combat the issue of financing terrorism.
