Pakistan to remain stays on FATF grey list

The Financial Action Task Force (FATF) has decided to keep Pakistan on its “grey list”, saying that the country has failed to act on six key mandates. The FATF urged Pakistan to complete an internationally agreed action plan by February 2021.

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The FATF is a global watchdog that was founded to tackle money laundering initially but its role became prominent post the 9/11 terror attacks. Following the attacks, the FATF expanded its operations and included terror financing under its purview.

Its membership includes 39 jurisdictions.

The FATF maintains two lists – a blacklist and a grey list. Countries on its blacklist are those that the watchdog deems non-cooperative in the global effort to curb money laundering and terror-financing.

The grey list are officially referred to as ‘Jurisdictions Under Increased Monitoring.’

It constitutes those nations that present significant risks of money laundering and terror-financing but which have committed to working closely with the FATF in the development and implementation of action plans that address their deficiencies.

If the country is not actively tackling money laundering or terror funding, it is then blacklisted. So far, only two countries have been blacklisted, they are Iran and North Korea.

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