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Why is Pakistan still on the GREY list?

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Why is Pakistan still on the 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.

What are the disadvantages of FATF GREY list?

Disadvantages

  • It hampers the economy of a country in a negative manner where other countries start looking at the greylisted country as a risky nation for investment.
  • Grey listed countries also suffer a blow to its tourism industry as people generally prefer to avoid such a nation.

Which countries are blacklisted?

As of 21 February 2020, only two countries were on the FATF blacklist: North Korea and Iran….High-risk and non-cooperative countries, not committed to an action plan:

  • Bolivia.
  • Cuba.
  • Ethiopia.
  • Ghana.
  • Indonesia.
  • Kenya.
  • Myanmar.
  • Nigeria.
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Is FATF blacklist Pakistan?

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. Pakistan has so far avoided being on the blacklist with the help of China, Turkey and Malaysia.

How many countries are in FATF blacklist?

A total of 14 countries were identified as jurisdictions that have strategic deficiencies that pose a risk to the international financial system.

Will Pakistan get blacklisted by FATF?

Pakistan has escaped being blacklisted due to the support from China, Malaysia and Turkey. In the 39-member FATF, it requires the support of at least three countries to avoid being blacklisted for terror financing and money laundering. Pleyer said, “FATF is a technical body and we take our decisions by consensus.

What happens if a country is blacklisted?

A blacklisted country may be subject to economic sanctions by a member of FATF. As an example, Korea and Iran are the countries on the FATF Blacklist. Therefore, we can see sanctions against Korea and Iran.

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Why did FATF keep Pakistan on its ‘grey list’?

NEW DELHI: The Financial Action Task Force ( FATF) on Friday decided to keep Pakistan on its ” grey list “, saying that the country has failed to act on six key mandates. In a statement, the FATF urged Pakistan to complete an internationally agreed action plan by February 2021. What is FATF?

When will Pakistan be removed from the grey list?

In the October 2020 review, the watchdog said Pakistan “successfully complied with 21 out of 27 points of the action plan but decided to keep the country on its grey list until February 2021.”

When will Pakistan complete its FATF action plan?

As all action plan deadlines have expired, the FATF strongly urges Pakistan to swiftly complete its full action plan by February 2021,” it said in a statement.

What has Pakistan failed to fulfil in war on Terror?

Sources said the tasks in which Pakistan failed to fulfil include failure to take action against all UN designated terrorists like Jaish-e-Mohammed (JeM) chief Azhar, Lashker-e-Taiba (LeT) founder Seed and the outfit’s operational commander Zakiur Rehman Lakhvi. Be the first one to review.

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