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Pakistan

Web Desk
October 18, 2019

Indian media reports that Pakistan will likely avoid FATF black-list

Pakistan

Web Desk
Fri, Oct 18, 2019

Pakistan is likely to avoid being placed on a black list of countries responsible for terror financing, according to a report published by Indian news publication The Times of India.

A meeting of the Financial Action Task Force (FATF), currently underway in Paris, is expected to make a final decision on Friday with regards to placing Pakistan on the black-list and announcing it to the media.

Economic Affairs Minister Hammad Azhar is leading a Pakistan delegation at the meeting. The delegation earlier this week presented FATF a compliance report of Pakistan on a previously agreed action plan.

The Indian publication claims that Islamabad had secured the three votes required to keep a country off the FATF blacklist. Reports earlier had indicated that China, Turkey and Malaysia are backing Pakistan at FATF.

China is also presiding over the current meeting of the financial action task force, that could help the Pakistan effort to avert the black-list further.

Last year, FATF had placed Pakistan on a grey-list of countries responsible for terror-financing, presenting Islamabad with a 27-point action plan to adopt strict anti-money laundering measures.

In June this year, the financial body gave Pakistan another four months to impenitent the action plan. This week, the FATF reviewed a compliance report of Paistan in this regard.

The black-listing of a country by the financial task force usually results in economic sanctions and trade penalties. imposed and implemented by the G-7 nations. Grey-listing by the FATF does not lead to sanctions.