The FATF will continue to monitor the situation and consider at each of its plenary meetings whether grounds exist for lifting or modifying these restrictions.
FATF President Dr Marcus Pleyer said that while the country is not being removed from the grey list today, it will be removed if the on-site verification goes well.
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Pakistan will continue to remain on FATF Grey List
Pakistan will continue to remain on the Grey List of the Financial Action Task Force (FATF). The Paris-based body has asked the country to demonstrate effective implementation of targeted financial sanctions against all 1267 and 1373 designated terrorists. The decision came at the conclusion of the virtual FATF plenary held in Paris from February 22 to 25 to consider cases of various countries on the grey list, including Pakistan.Â
FATFÂ had placed Pakistan on the grey list in June 2018 and asked Islamabad to implement a plan of action to curb money laundering and terror financing by the end of 2019 but the deadline was extended later on due to the COVID-19 pandemic.
The Financial Action Task Force (FATF) is an inter-governmental body decision-making body. It was established in 1989 during the G7 Summit in Paris to develop policies against money laundering. It is a “policy-making body” which works to generate the political will to bring about national legislative and regulatory reforms in money laundering. It has also started dealing with virtual currencies. The FATF Secretariat is located in Paris.
b. The FATF works to identify national-level vulnerabilities with the aim of protecting the international financial system from misuse. India became an Observer at FATF in 2006. Since then, it had been working towards full-fledged membership. On June 25, 2010 India was taken in as the 34th country member of FATF.