21st October, Thursday was a big day for neighborhood country Pakistan which hoped to be removed from the FATF grey list. Marcus Pleyer, FATF President, continued to keep it under strict monitoring for money laundering and terror financing.
Dr. Pleyer in his speech said The Pakistan Government has addressed only 30 items out of its 34-action plans to take action against Lashkar-e-Taiba, al-Qaeda, and other terrorist groups.
Even though the country is making progress on these items, they are still not enough to be removed from the grey list.
Pakistan has to ensure that all the 34 items mentioned to deal with terror funding and money laundering are addressed. It has been on the FATF grey list since 2018 and will continue till 2022 until the next FATF conference. If Pakistan fails further then it may promote to FATF black list becoming a subject to economic sanctions.
Turkey, Jordan Join Pakistan In FATF Grey List, Mauritius Out
This Year three more countries are added to the Grey List- Turkey, Mali, and Jordan where Mauritius has improved its global image. The country has regained its place by working on the standards mentioned by FATF. However, the conditions are not that good for Mauritius as it’s still on European Union Blacklist. It was put in the FATF grey list only last year i.e. 2020.
On other hand, Iran and North Korea continue to be on FATF black list that restricts them to get support from World Bank, IMF, and other global financial institutions.
Financial Task Force is an international organization established in 1989 by G7 countries. India is also a part of this watchdog organization.