World

Pakistan placed on ‘Grey List’ by FATF for ‘Terror Financing’

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Global anti-terror financing watchdog, Financial Action Task Force (FATF) has decided to keep Pakistan on its ‘grey list’.

At the FATF talks in Paris, a delegation led by Pakistani interim minister for finance and planning, Dr Shamshad Akhtar apprised the global watchdog of steps taken by Pakistan to stifle terror financing and money laundering, Geo TV reported.

The delegation underscored Islamabad’s commitment on cracking down on both active and banned terror outfits.

It added that the Pakistani government was working to restrict financial assistance for terrorists, by making existing laws stricter and ensured implementing current regulations smoothly, as per the report.

Akhtar, who earlier reached Paris to attend the six-day FATF meeting from June 24-29, had requested the body to remove Pakistan from the ‘grey list’, as the FATF was to conduct a review.

In compliance with the FATF’s recommendations, the Securities and Exchange Commission of Pakistan (SECP) issued the Anti Money Laundering and Countering Financing of Terrorism Regulations, 2018 on June 20.

Earlier on June 8, the National Security Committee (NSC) reaffirmed its commitment on cooperating with FATF for achieving “shared objectives”.

“The committee reaffirmed the commitment of the country to work with FATF and other international organisations in achieving common goals and shared objectives,” a statement issued by the Pakistan Prime Minister Office (PMO) on the NSC meeting had said.

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, according to the report.

In February this year, Pakistani authorities confirmed that the country was going back on the “grey list” of the FATF after a span of nearly four years.

By: Business Standard

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