PAK TO REMAIN IN GREY LIST

IN

Islamabad, Oct. 16: The Financial Action Task Force (FATF) has decided, in principle, to keep Pakistan in its Grey List till February 2020, directing Islamabad to take extra measures for complete elimination of terror financing and money laundering, according to media reports on Wednesday.

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.

In a meeting in Paris on Tuesday, the FATF reviewed the measures that Pakistan has already taken to control money laundering and terror financing, stated Dawn News.

The Paris-based task force has urged Pakistan to take extra measures for complete elimination of terror financing, it quoted Aaj TV.

The FATF will take a final decision on Pakistan’s position in February 2020. A formal announcement about the interim developments will be made on Friday, which is the last day of the FATF’s ongoing session, the report said.

However, Pakistan’s finance ministry spokesperson Omar Hameed Khan rejected the reports of the country remaining in the Grey List, saying “it is not true and nothing before October 18 can be confirmed”.

The FATF has decided to give four months to Pakistan to help implement remaining recommendations of the task force. Earlier at the FATF meeting in Paris, Pakistan’s Minister for Economic Affairs Hammad Azhar had explained his country’s positive performance in 20 of the 27 parameters to check terror financing. China, Turkey and Malaysia “appreciated” the steps taken by them.