There is news of relief for Pakistan, which has been chained by the FATF grey list continuously since 2018 after failing in the investigation of money laundering and terrorist financing. It is being told in media reports that Pakistan may come out of the grey list of the Financial Action Task Force (FATF) this week.
In fact, the Financial Action Task Force (FATF), an international organization that monitors terrorist funding and money laundering cases, is going to meet in Paris from October 18 to 21. It is believed that in this meeting the final decision will be taken on whether to keep Pakistan in the grey list or not.
The current FATF President T. Raja Kumar of Singapore will attend this meeting on October 20-21 and during this time Pakistan’s fate will be decided.
Pakistan in FATF grey list since 2018
Pakistan has been on the grey list of FATF based in Paris since June 2018. It has failed to stop money laundering investigations and terror funding. It was given time to complete the action plan by October 2019.
It has since remained on the grey list for failing to comply with FATF orders. The FATF said in June that Pakistan would continue to be on the grey list of countries increasing surveillance. The watchdog had said that the list could be removed only after verifying the implementation of Pakistan’s reforms in countering the terror funding system.
What is FATF?
The fATF is a body whose job is to monitor money laundering, the proliferation of weapons of mass destruction, and the financing of terrorism internationally. This body was established in 1989 by the countries of the G7 group in Paris, the capital of France.
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