Thursday October 21, 2021

FATF Retains Pakistan on Grey List

PARIS: The Financial Action Task Force (FATF) on Thursday announced that Pakistan will continue to remain on its grey list.

The decision was announced on Thursday at the conclusion of the three-day plenary session of the FATF to discuss key issues.

FATF President Dr Marcus Pleyer said that Pakistan remains under increased monitoring (grey list). Islamabad has two concurrent action plans, with a total of 34 action plan items and it has now addressed or largely addressed 30 of the items.

He said that this included showing that financial supervisors are conducting on-site and off-site checking on non-financial sector businesses and enacting legislative amendments to improve international cooperation.

Commenting on the action plan devised in 2018 which focused on terror financing, the FATF president said that Pakistan was still assessed to have largely addressed 26 out of 27 items.

“Pakistan has taken a number of important steps but needs to further demonstrate that investigations and prosecutions are being pursued against the senior leadership of UN designated terror groups,” he said.

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