Pakistan to remain on global terror financing ‘grey’ list

Pakistan will remain on a terrorism financing watch list until it completely implements a set of preventive guidelines, a global watchdog said, urging Islamabad to improve financial controls.

The Financial Action Task Force (FATF), an inter-governmental body, praised Pakistan for progress on 21 of 27 recommendations but said the rest must also be implemented.

Last February, Pakistan secured an extra four months

Last February, Pakistan secured an extra four months to complete the plan after missing 13 of the 27 targets that FATF had set for it in 2018 when it put Pakistan on its “grey list”. The grace period was then extended again because of the coronavirus pandemic.

The so-called “grey list” comprises countries whose controls over “terrorism” financing are deemed inadequate.

“The government of Pakistan has signalled its commitment to complete the rest of its action plan. But it is clear even though Pakistan has made progress, it needs to do more,” FATF President Dr Marcus Pleyer said at the conclusion of a virtual meeting in Paris on Friday to discuss global financial systems including terror financing.

“Pakistan cannot stop now. It needs to continue to carry out reforms, in particular to implement targeted financial sanctions and prosecute and sanction those financing terrorism.”

to complete the plan after missing 13 of the 27 targets that FATF had set for it in 2018 when it put Pakistan on its “grey list”. The grace period was then extended again because of the coronavirus pandemic.

The so-called “grey list” comprises countries whose controls over “terrorism” financing are deemed inadequate.

“The government of Pakistan has signalled its commitment to complete the rest of its action plan. But it is clear even though Pakistan has made progress, it needs to do more,” FATF President Dr Marcus Pleyer said at the conclusion of a virtual meeting in Paris on Friday to discuss global financial systems including terror financing.

“Pakistan cannot stop now. It needs to continue to carry out reforms, in particular to implement targeted financial sanctions and prosecute and sanction those financing terrorism.”

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