Terrorist financing watchdog FATF keeps Pakistan on "grey list"

The Financial Action Task Force (FATF), the global money laundering and terrorist financing watchdog, has extended its 2018 "grey-listing" of Pakistan despite the country having made "significant progress" in implementing a 27 point action plan.

France is believed to have taken a tough stance against de-listing Pakistan, possibly in response to recent horrific terrorist attacks that shocked the nation.

The aforementioned action plan deadlines have expired, and in what may be seen as a final chance, the FATF has strongly urged Pakistan to swiftly complete its full action plan before June 2021.

The FATF said "Pakistan should continue to work on implementing the three remaining items in its action plan to address its strategically important deficiencies," namely by:

  • demonstrating that Terrorist Financing (TF) investigations and prosecutions target persons and entities acting on behalf or at the direction of the designated persons or entities;
  • demonstrating that TF prosecutions result in effective, proportionate and dissuasive sanctions;
  • demonstrating effective implementation of targeted financial sanctions against all 1267 and 1373 designated terrorists, specifically those acting for or on their behalf.

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