Diplomatic efforts fail as FATF decides to keep Pakistan on 'grey list'

PARIS: The Financial Action Task Force (FATF)  on Thursday decided to  keep Pakistan on its  'grey list', Geo News reported.According to details, Pakistan's  interim Finance Minister Shamshad Akhtar presented a strong case  in Paris where the Financial Action Task Force is meeting.While  pleading Pakistan's case   to remove its  name from FATF grey list, the  minister apprised the anti-terror financing body of measures that country has taken to combat money laundering, terrorist financing and to eliminate the terrorism from its soil. The US motion, to have Pakistan added to the “grey list” of countries was reportedly backed by Britain, France and Germany. Talking to media, Pakistan's Interim Interior Minister  Muhammad Azam said that the FATF is under immense pressure of  US and India, adding that  these countries also pressurized even China  and Saudi Arabia, Pakistan’s closest allies, to withdraw their support.As part of efforts to implement the FATF counter-terrorist financing operational plan adopted in February this year, the Securities and Exchange Commission of Pakistan (SECP), on June 20, issued the ‘Anti Money Laundering and Countering Financing of Terrorism Regulations 2018’.Last week, the interim finance minister said that the ministry has improved institutional mechanisms for handling anti-money laundering and countering financing terrorism issues. Coordination between the State Bank, Banking institutions and law enforcement agencies has also been strengthened to curb money laundering and terror financing, she added.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.Pakistan was previously on the grey list from 2012 to 2015.

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