FATF may put Pakistan on "dark grey list"
What's the story
Financial Action Task Force (FATF) will soon decide Pakistan's fate, and things aren't looking great for the country.
As per reports, the global watchdog is likely to put Pakistan on its "dark grey list", saving it from the feared blacklist.
This means, Pakistan will be downgraded from the greylist, where it has been featuring since June 2018.
Read on for more details.
Backstory
FATF asked Pakistan to work on 27 points, it failed
After Pakistan was "greylisted" by FATF, the inter-governmental body handed over a 27-point action plan. Islamabad was asked to work on these points if it wants to get a clean chit.
FATF has been asking Pakistan to do something about terror financing and UN-designated terrorists, flourishing on its soil.
Despite warnings, the country led by Imran Khan failed to take concrete action.
Decision
Pakistan's fate will be sealed on October 18
Earlier this year, FATF issued a stern statement giving Pakistan time till October to curtail terror financing. The body will pronounce its decision on October 18.
An official in the know said that Pakistan has "managed to pass" in only six of the 27 points.
Reports also suggest that all member countries will isolate Pakistan for not doing enough against terrorism.
List
So, what does a dark grey list mean?
The "dark grey" list is a stage between greylist and blacklist.
According to another official, being designated in "dark grey" list means that a country has been issued a strong warning and given one last chance to improve.
Naturally, a demotion will spell troubles for the cash-strapped economy of Pakistan, as it will face problems in procuring funds from IMF, World Bank, or EU.
Statement
Earlier, US asked Pakistan to prosecute Hafiz Saeed, other terrorists
As all eyes are set on FATF's decision, which will take place at its plenary meet in Paris, the United States asked Pakistan to prosecute Hafiz Saeed, and four other terrorists of Lashkar-e-Taiba, who have been arrested.
Alice Wells, the head of the US state department's South and Central Asian Bureau, reminded that Khan himself said terrorists should stop operating from Pakistan for the better future of the country.