A global financial watchdog has decided to keep Pakistan on its terror financing watch list, saying the country had not completely implemented a set of guidelines.
In a statement on October 23, the Paris-based Financial Action Task Force (FATF) noted progress on 21 out of 27 recommendations that the intergovernmental body had set for Pakistan, but it said the rest must also be implemented.
“As all action plan deadlines have expired, the FATF strongly urges Pakistan to swiftly complete its full action plan by February 2021,” according to the statement.
In February 2020, Pakistan secured an extra four months to complete the action plan after missing 13 of the 27 targets set for it in 2018 when FATF included Pakistan on its so-called gray list for allegedly failing to control terror financing. The grace period was further extended due to the coronavirus pandemic.
In a tweet, Pakistani Minister of Industries and Production Hammad Azhar hailed the country’s “impressive progress on its FATF action plan.”
The FATF, which comprises 35 member states and two regional organizations, underpins the fight against money laundering and terrorist financing.
The organization discourages banks and global investors from lending money to countries subjected to increased monitoring -- a list often referred as the "gray list."