New Delhi, August 23: The global financial watchdog FATF’s Asia-Pacific council has put Pakistan in an “enhanced blacklist” for its failure to meet the international standards, officials reported on Friday.
Pakistan is now at an edge of getting listed under ‘blacklist’ of Financial Action Task Force (FATF), if it fails to adhere to the panel’s 27-point action plan.
The FATF’s Asia-Pacific council has found Islamabad non-complaint on 32 out of 40 compliance parameters over terror financing and money laundering, according to NDTV.
On the 11th parameters of money-laundering and terror-financing, Islamabad was found low on 10. Despite numerous efforts, 10-member team of Pakistan delegation headed by the nation’s central bank head couldn’t able to convince the FATF’s 41-member panel to upgrade the nation on any parameter.
In June, the FATF has told Pakistan on Friday to “swiftly” complete its plan to curb terrorism and terror financing by October or prepare to face consequences.
Pakistan has been named under the “grey list” of nations that have been reportedly inadequate in curbing terror financing and money laundering. The nation has already skipped two prior deadlines, in January and May 2019, to complete its action plan.
The statement added the FATF strongly urged Islamabad to swiftly complete its action plan by October 2019 when the last set of action plan items were slated to expire, adding, “Otherwise, the FATF will decide the next step at the time for insufficient progress.”
Earlier, India has urged the financial watchdog to put Pakistan on a blacklist of nations fail to meet the international standards in putting an end to harbouring terrorism and financing them, following the designation of Pakistan-based and backed Jaish-e-Mohammed (JeM) chief Masood Azhar as an international terrorist by the United Nations (UN).
Minimum three FATF member nations’ support to Pakistan is needed to avoid being blacklisted. Anadolu news agency has quoted a Pakistan official as reporting Malaysia, Turkey and China have backed Pakistan in ensuring “there is no imminent threat of blacklisting” by the body.
Islamabad reiterated “its commitment to take all necessary measures to ensure completion of the Action Plan in a timely manner”.