The virtual plenary meeting of the Financial Action Task Force (FATF) this week decides to let Pakistan in the 'grey' list.Pakistan will remain in the grey list till February 2021 as the country has failed to fulfill six key obligations of the global money laundering and terrorist financing watchdog. After a complete review of Pakistan's performance in fulfilling the global commitments and standards on the fight against money laundering and terror financing the FATF decides to keep it in the grey list.
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The FATF president Marcus Pleyer said at a virtual press conference from Paris, Pakistan remains in the increased monitoring list. The Islamabad must take sanctions and those involved in terror financing should be produced before the court. Pre-determined task that Pakistan fails to complete include action against all UN designated terrorists like Jaish-e-Mohammed (JeM) chief Azhar, Lashker-e-Taiba (LeT) founder Seed and the outfit's operational commander Zakiur Rehman Lakhvi. In June 2018, FATF placed Pakistan in Grey list and assigned certain tasks to be completed before the next meeting. Two years passed by, but the Government didn't implement it yet.
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Pakistan needs 12 votes out of 39 to exit the 'grey' list and move to the 'white' list. China, Turkey and Malaysia are its consistent supporters, however a total of 9 countries supported Pakistan. The FATF is an inter-governmental body found in 1989 to fight money laundering, terrorist financing and other threats related to the integrity of the international financial system. The FATF currently has 39 members including two regional organisations the European Commission and Gulf Cooperation Council. India is a member of the FATF consultations and the Asia Pacific Group.
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