PARIS: On Wednesday, the Financial Action Task Force (FATF) officially placed Pakistan on its grey list after a plenary meeting in Paris.
The announcement was made late on Wednesday night. Despite Pakistan’s diplomatic efforts to avert the decision, the financial watchdog, in its meeting, argued that Pakistan had failed to curb terror financing on its soil.
Earlier in the day, caretaker Finance Minister Dr Shamshad Akhtar had urged the FATF to remove Pakistan from its grey list. As the FATF plenary began its proceedings, the Pakistani delegation informed the watchdog of steps Islamabad had taken to weed out money laundering and terror financing.
FATF is a global body that combats terrorist financing and money laundering. Pakistan has been scrambling in recent months to avoid being added to a list of countries deemed non-compliant with anti-money laundering and terrorist financing regulations by the FATF, a measure that officials fear could hurt its economy.