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Failure to demonstrate action: Why Pakistan remains in the FATF Grey List

Google Oneindia News

New Delhi, Oct 22: Pakistan has failed to demonstrate that it has taken action against the UN-designated terrorists as a result of which it will continue to remain in the Grey List of the Financial Action Task Force (FATF).

The FATF noted that Pakistan needs to further demonstrate that action is being taken against the likes of Lashkar-e-Tayiba chief, Hafiz Saeed and Jaish-e-Mohammad boss, Masood Azhar.

Failure to demonstrate action: Why Pakistan remains in the FATF Grey List

Addressing a press conference, Financial Action Task Force (FATF) president Marcus Pleyer said the decision has been taken at the conclusion of the virtual plenary of the organisation.

The Paris based FATF noted that it requires Pakistan to demonstrate terror financing investigation and prosecution of leaders and commanders of the UN-designated terrorist groups and their associates.

The FATF said that Pakistan would continue to remain on the increased monitoring list. Increased monitoring list is another name for the Grey List.

"Pakistan has taken a number of important steps but needs to "further demonstrate that investigations and prosecutions are being pursued against the senior leadership of UN-designated terror groups," the president of the global body against money laundering and terror financing said.

"All these changes are about helping authorities prevent terrorism, stop corruption and prevent organised criminals from profiting from their crimes," he also said.

Pakistan has struggled to get out of the Grey List despite all back-channel efforts. Seeking to wriggle out of the list, Pakistan had in 2020 imposed financial sanctions on 88 banned terror groups and their leaders, including 26/11 Mumbai attack mastermind and Jamaat-ud-Dawa (JuD) chief Hafiz Saeed, Jaish-e-Mohammed (JeM) chief Masood Azhar and underworld don Dawood Ibrahim.

In February 2020 the FATF gave Pakistan, which missed 13 targets, a four-month grace period to complete its 27-point action plan against ML&TF committed with the international community.

With Pakistan's continuation in the 'grey list', it is increasingly becoming difficult for the country to get financial aid from the International Monetary Fund (IMF), World Bank, Asian Development Bank (ADB) and the European Union, thus further enhancing problems for the nation which is in a precarious financial situation.

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