Pakistan to remain in FATF 'grey list' till February 2020

The Paris-based FATF noted that there was a consensus on retaining Pakistan in the grey list, based on its poor performance in curbing terror financing and dealing with UN-designated terrorists flourishing on its soil.

It was found that the country was able to address only five out of the 27 actionable items under the Action Plan devised by FATF, by October.

The meeting conducted to decide Islamabad's fate was attended by representatives from 205 countries, the International Monetary Fund (IMF), the United Nations (UN), and World Bank, among other organizations.

Reportedly, China, Turkey and Malaysia came out in support of Pakistan at the said meeting.

It should be noted that a country needs the support of at least three other nations to avoid getting black-listed.

On the fifth and last day of its meeting in Paris, FATF said that it "strongly urge(s) Pakistan to swiftly complete its full action plan by February 2020."

"Otherwise should significant and sustainable progress not be made by next Plenary, the FATF will take action including urging members to advise their financial institutions to give special attention to business relations/transactions with Pakistan."

To recall, Pakistan was put in the infamous grey list by the FATF in June, 2018, for taking insufficient measures against issues like terror funding and money laundering, thereby proving to be a safe haven for terrorists.

Naturally, a further demotion into the 'dark grey' list or blacklist would have severe implications for Pakistan, which is already in the midst of an economic crisis.