FATF continues Pak in 'Grey List', warns of action if it fails to check terror funding

Global terror financing watchdog FATF on Friday decided continuation of Pakistan in the 'Grey List' and warned the country of stern action if it fails to prosecute and penalise those involved in terror funding emanating from its jurisdiction. The decision was taken at the Financial Action Task Force (FATF) plenary, which concluded in Paris on Friday after six days of deliberations.

The FATF decided to continue Pakistan in the 'Grey List'. The FATF has also warned Pakistan that if it does not complete a full action plan by June, it could lead to consequences on its businesses, a source said. According to a statement issued by the FATF, all deadlines given to Pakistan to check terror funding have come to an end but the country has failed to complete its action plan in line with agreed timeline.

To date, Pakistan has largely addressed 14 of 27 action items, with varying levels of progress made on the rest of the action plan. "The FATF strongly urges Pakistan to swiftly complete its full action plan by June 2020. Otherwise, should significant and sustainable progress especially in prosecuting and penalising terror funding not be made by the next Plenary, the FATF will take action, which could include the FATF calling on its members and urging all jurisdiction to advise their financial institutions to give special attention to business relations and transactions with Pakistan," the statement said.

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