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Pakistan FATF will remain on the gray list

New Delhi: Gray of the Financial Action Task Force (FATF) Pakistan will remain on the list until February next year. The decision follows the country’s failure to meet the 27 conditions required for unimpeded access to international funds.

Out of 27 conditions, Pakistan has fulfilled 21 conditions. That means there are six more to complete. The Financial Action Task Force (FATF) says the restrictions can only be lifted if Islamabad is willing to comply with all conditions.

Pakistan have completed 21 of the ’27s. That means the world is safe. But they have six shortcomings to fill. We are giving them a chance to fix it. If they are not ready for it, they will be blacklisted, ”the FATF said.

Sources close to the Indian government told national media that Pakistan was expected to remain on the gray list. The reasons for that are also clear. Pakistan has consistently failed to take a strong stand against militant groups and militants such as Maulana Masood Azhar and Hafiz Saeed.

Pakistan has failed to effectively crack down on terrorism, money laundering and financing. Moreover, the US, UK, France and Germany are not satisfied with Pakistan’s role in Afghanistan.

Pakistan remains struggling to secure funding from the International Monetary Fund (IMF), the World Bank, the Asian Development Bank (ADB) and the European Union as it remains on the gray list. This will make the financially distressed country even more miserable.

The monitoring committee has been given four more months to complete the conditions. Pakistan needs the support of all three countries to avoid being blacklisted. China, Turkey and Malaysia continue to support Pakistan. Currently, North Korea and Iran are blacklisted by the FATF. Out of 39 votes, Pakistan needs 12 votes to get out of the gray list.

In June 2018, Pakistan was awarded the FATA. Including on the graylist. Pakistan have not been able to get out of the gray list since then.

The FATF was founded in 1989 to combat money laundering, terrorist financing and threats to the integrity of the international economy. The FATF currently has 39 members, including two regional organizations, the European Commission and the Gulf Cooperation Council. India is a member of the FATF Consultations and its Asia Pacific Group.

Content Highlights:Pakistan will stay on the grey list of the global terror financing watchdog till February 2021

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