Pakistan’s Inclusion In FATF Grey List To Remain Status Quo
Pakistan is unlikely to make it out from the infamous Financial Action Task Force’s (FATF) Grey List after it failed to complete 6 of the 27 action points set by the global agency that combats terror funding and money laundering
Pakistan will not exit the Financial Action Task Force’s (FATF) Grey List, following the international organization’s discussions in the three-day convention that started on October 21. The FATF had ordered the nation in 2018 to control its terror funding and money laundering by 2019. Due to the worldwide pandemic, the deadline was further extended by the agency. Of the 27 points of action to be implemented, the Islamic country failed to fulfill six requirements.
With internationally declared terrorists like Masood Azhar and Dawood Ibrahim openly taking refuge under the Imran Khan government, the country still has a long way to go in fulfilling the Paris-based task force’s parameters to be excluded from the infamous listing.
Due to its reputation of giving a safe haven to terror outfits and militants, the country is unable to secure funds for itself from global financial institutions like the World Bank and International Monetary Fund (IMF). The debt-ridden country has been under a loan of 1.2 lakh crore in the last two years, which according to a data report indicates that every citizen carries a debt of 1.53 lakh on their head.
The FATF was set up in 1989 to formulate policies and regulatory measures to combat money laundering, terror financing and other similar threats to protect the integrity of the international financial system.
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