Why Pakistan is still in GREY list?

Pakistan was retained on the FATF ‘grey list’ for failing to effectively implement the global FATF standards and over its lack of progress on investigation and prosecution of senior leaders and commanders of UN-designated terror groups.

When was Pakistan in FATF blacklist?

June, 2018
Pakistan was placed on the grey list by the FATF in June, 2018 and was given a plan of action to complete it by October, 2019. Since then the country continues to be in that list due to its failure to comply with the FATF mandates.

What happens when FATF blacklist?

FATF blacklists identify countries that are considered inadequate in money laundering and counter-financing of terrorism regimes. In the most serious cases, countries are called upon to take countermeasures to protect the international financial system from continuing. This is also called FATF AML deficient list.

Which country has been newly added to the FATF GREY list?

FATF retains Pakistan on ‘grey list’, Turkey new addition.

What happens if Pakistan is put on FATF’s Blacklist?

“If Pakistan is put on FATF’s blacklist, then like Iran, deals will end. No international financial institutions will deal with us. It will impact the Pakistani Rupee and when Rupee starts to fall, we do not know how much it will fall. We do not have foreign reserves to save the Rupee.

Why is Pakistan showing no inclination to mend its ways after blacklisting?

Blacklisting by the FATF is a devastating nightmare for Pakistan and yet the country is showing no inclination to mend its ways. There are two reasons behind this. The first is the confidence that its “friends in the organisation” will bail it out yet again.

What are the FATF Recommendations?

In February 2012, the FATF completed a thorough review of its standards and published the revised FATF Recommendations. This revision is intended to strengthen global safeguards and further protect the integrity of the financial system by providing governments with stronger tools to take action against financial crime.

What is the history of the FATF?

History of the FATF In response to mounting concern over money laundering, the Financial Action Task Force on Money Laundering (FATF) was established by the G-7 Summit that was held in Paris in 1989.