Daily Current Affairs 2020 FATF decides to retain Pakistan in 'Grey List | Daily Current Affairs 2020

FATF decides to retain Pakistan in ‘Grey List

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The global terror financing watchdog Financial Action Task Force (FATF) today decided continuation of Pakistan in the ‘Grey List’ and warned the country that stern action will be taken if it fails to check the flow of money to terror groups. The decision was taken at the Financial Action Task Force’s plenary in Paris.

The plenary has noted that Pakistan addressed only a few of the 27 tasks given to it in controlling funding to terror groups like the Lashkar-e-Taiba (LeT), the Jaish-e-Mohammad (JeM) and the Hizbul Mujahideen, which are responsible for a series of attacks in India.

The FATF said, Pakistan has to swiftly complete its full action plan by June 2020. If Pakistan fails to comply with the FATF directives, there is every possibility that the global body may put the country in the ‘Black List’ along with North Korea and Iran.

With Pakistan’s continuation in the ‘Grey List’, it will be difficult for the country to get financial aid from the International Monetory Fund, the World Bank, the Asian Development Bank and the European Union, thus further enhancing problems for the nation which is in a precarious financial situation. Pakistan was placed on the ‘Grey List’ by the FATF in June 2018 and was given a plan of action to complete by October 2019 or face the risk of being placed on the ‘Black List’.

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.

Source: News On Air

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