Why was Pakistan placed on the Greylist of FATF?

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 is FATF case in Pakistan?

Pakistan is a test case for the fairness of the Financial Action Task Force (FATF) as the country has met almost all the requirements to exit the grey list, the country’s law minister said.

What is Greylist in FATF?

Specifically, these jurisdictions are now “actively working with the FATF to address strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing”. This list of jurisdictions are commonly referred to as the “grey list”.

When did Pakistan join FATF?

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.

Is Pakistan a FATF member?

FATF is an inter-governmental organisation that was established in 1989 and comprises 35 member states, the European Commission and the Gulf Cooperation Council. Pakistan is not a member state of FATF: instead, it is a FATF Associate Member of the Asia/Pacific Group on Money Laundering (APG).

What is the role of FATF?

The Financial Action Task Force (FATF) is an inter-governmental policymaking body whose purpose is to establish international standards, and to develop and promote policies, both at national and international levels, to combat money laundering and the financing of terrorism.

Are FATF decisions binding?

4. The FATF Recommendations/ FATF Standards. The Financial Action Task Force issues legally non-binding recommendations to its member countries that act as guidelines which they are expected to enforce.