FATF keeps Pakistan on grey list despite progress on tackling terror financing

FATF keeps Pakistan on grey list despite progress on tackling terror financing.

The Financial Action Task Force (FATF), a global dirty money watchdog also added European Union member Malta to its “grey list” of countries under increased monitoring.

FATF keeps Pakistan on grey list despite progress

While addressing a press conference, FATF president Marcus Pleyer made this announcement in Paris on Friday.

Furthermore, Pleyer said that Pakistan remained under increased monitoring despite substantial progress.

Pakistan made substantial progress addressing everything on a 2018 action plan except a last item concerning the investigation and prosecution of senior leaders and commanders of U.N.-designated terrorist groups.

He further said that Pakistan was still failing to put global anti-money-laundering standards into place.

Pleyer said this means the risks of money laundering remain high, which can in turn fuel corruption and organised crime.

Moreover, FATF also added Haiti, the Philippines and South Sudan to its grey list.

However, it has removed Ghana from the list after the country had made progress.

The Maltese government had already flagged its inclusion on the list, which indicates deficiencies but has no legal repercussions, in a move that Prime Minister Robert Abela called “unjust”

FATF made its move after years of international criticism of Maltese policymaking, including the sale of national passports.

Besides, it also include lack of legal action against government officials mentioned in the Panama Papers as having set up secret offshore companies.

GTV