As a massive blow to Indian lobby’s attempts, the Financial Action Task Force (FATF) has decided not to put Pakistan on its ‘blacklist.’ The global financial watchdog announced this on Friday at the conclusion of its annual meeting in Paris.
The financial task force expressed satisfaction on the country’s compliance report and awarded four more months to fully implement the anti-terror-financing measures.
The Paris meeting appreciated Pakistan’s efforts in controlling money laundering in the country. However, it felt that there was still a lot to be desired in the field of terror financing.
The FATF statement said:
Pakistan has made progress towards improving its AML/CFT regime, including the recent development of its money laundering/terror financing risk assessment.
On Pakistan’s request, the intergovernmental body allotted the country a four-month respiratory period. Pakistan will remain on the ‘grey list’ till February 2020.
“The FATF urges Pakistan to swiftly complete its full action plan by February 2020. Otherwise, should significant and sustainable progress not be made across the full range of its action plan by the next Plenary, the FATF will take action,” it added.
During the meeting, friendly countries, including China, Turkey, and Malaysia, voted in favor of Pakistan, which helped the country in avoiding the FATF blacklist.
The development has struck down all Indian efforts to get Pakistan into the blacklist.