Nor just Grey List, Pak runs risk of being put on Dark Grey list by FATF
New Delhi, Oct 15: Pakistan is on the verge of strong action by the international terror financing watchdog FATF and the country may be put in the 'Dark Grey' list, the last warning to improve.
Officials attending the ongoing plenary of the Financial Action Task Force (FATF) here said as per indications, Pakistan will be isolated by all members for not doing enough.
Pakistan
is
on
the
verge
of
facing
strong
action
by
FATF,
given
its
inadequate
performance
since
it
managed
to
pass
in
only
six
of
27
items,
an
official
privy
to
the
development
said.
The
FATF
will
finalise
its
decision
on
Pakistan
on
October
18.
Even if Pakistan remains in grey list, it would lose 10 billion USD annually
According to FATF rules there is one essential stage between 'Grey' and 'Black' lists, referred to as 'Dark Grey'.
'Dark Grey' means issuance of a strong warning, so that the country concerned gets one last chance to improve, another official said.
'Dark Grey' was the term used for warning up to 3rd Phase. Now it's just called last warning - that is the 4th phase.
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.
No escaping: Pakistan has failed to curb terror funding, may remain in greylist
Pakistan was placed on the Grey List by the Paris-based watchdog in June last year and was given a plan of action to complete it by October 2019, or face the risk of being placed on the black list with Iran and North Korea.
If Pakistan continues with the 'grey list' or put in 'Dark Grey' list, it would be very difficult for the country to get financial aid from the IMF, the World Bank and the European Union, making its financial condition more precarious.