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Pakistan To Remain In FATF Gray List

Pakistan To Remain In FATF Gray List

Pakistan has not got relief from the Financial Action Task Force, which monitors money laundering and terrorist financing. Pakistan will still remain in the gray list of FATF. FATF President Marcus Player said that Pakistan will remain under constant surveillance. He has completed 26 assignments out of 27.

The FATF said that the main issue that Pakistan is yet to address is its failure to act against UN listed terrorists like Hafiz Saeed, Masood Azhar. This group of FATF includes China, America, Britain, France and India. After this, a formal announcement has been made by the FATF to keep Pakistan in the gray list once again for the next six months.

Pakistan was put in the gray list in the month of June 2018. After this, even during the FATF review held in October 2018 and February 2019, Pakistan could not get any relief. Pakistan has failed to act on the recommendations of FATF. Along with this, terrorist organizations have been getting financial help from abroad and domestically in Pakistan.

After Pakistan remains in the gray list of FATF, the economic condition of Pakistan, which is already facing a bad situation, will be badly affected. Being on this list, it will continue to have problems in getting financial help from the World Bank, IMF and European Union. Along with this, financially slow will not be available from other countries as well.

Pakistan has suffered a loss of about $ 38 billion (Rs 27,52,76,18,00,000) due to this. Islamabad-based independent think-tank Tadlab has reported in its report that keeping Pakistan in the gray list from 2008 to 2019 has resulted in a GDP loss of $ 38 billion. Now it will find it difficult to get help from institutions like International Monetary Fund (IMF).

Earlier, Pakistan’s Foreign Minister Shah Mehmood Qureshi had alleged that India was using FATF to serve its political interests. Qureshi further said that this is a technical platform, which should not be used for political gains.

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