Pakistan removed from FATF's grey list

Islamabad, June 17: In a big relief and huge setback for India, the Financial Action Task Force (FATF), a global watchdog for combatting money laundering and terrorist financing, has removed Pakistan from its grey list on Friday.

 

The decision came after the four-day plenary session concluded in Berlin, Germany. It was already being speculated that Pakistan will be removed from the grey list of FATF. Though there has been no official statement issued by FATF, the Twitter handle of Pakistan Tehreek-e-Insaf has been seen celebrating it and crediting its founder and former PM of Pakistan Imran Khan for it.

 

 

This means that Pakistan will get financial aid from the IMF, the World Bank, the Asian Development Bank (ADB) and the European Union amid the economic crisis.

 

Pakistan has been on the grey list of the Paris-based Financial Action Task Force (FATF) since June 2018 for failing to check money laundering, leading to terror financing, and was given a plan of action to complete it by October 2019.

 

 

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.

 

However, it is pertinent to mention that with the help of close allies like China and Turkey, Pakistan has been able to come out the grey list despite having many reports claiming that it is home to terrorist organizations who are being sponsored by the country itself. These terrorist organizations have been involved in funding anti-India activities especially in Jammu and Kashmir.