In a blow to Pakistan, the Financial Action Task Force has placed it on the ‘grey list’ for failing to curb anti-terror financing despite Islamabad submitting a 26-point action plan and launching a concerted diplomatic effort to avert the decision.
The decision was taken late on 27 June 2018 night at the global financial watchdog Financial Action Task Force’s (FATF) plenary session in Paris where finance minister Shamshad Akhtar represented Pakistan, according to official sources.
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. The announcement comes a day after Pakistan submitted a comprehensive 26-point action plan to the FATF to choke the funding of militants groups, including Mumbai attacks mastermind Hafiz Saeed-led JuD and its affiliates, to avoid being blacklisted by it.
Pakistan remained on the FATF grey list from 2012 to 2015. The process began in February 2018 when FATF approved the nomination of Pakistan for monitoring under its International Cooperation Review Group (ICRG) commonly known as ‘Grey List’. Pakistan was asked to prepare a plan to address international body’s concerns and get its approval or it could risk being moved to the blacklist.
On June 8, the National Security Committee (NSC) reaffirmed its commitment to cooperate with the FATF. By January next year, Pakistan will publish updated lists of persons and entities prescribed under the Anti-Terrorism Act and the UN-designated entities.