Pakistan may be put on the dark list at FATF

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Paris: Pakistan is on the verge of stern action by the international terrorist financing watchdog FATF and can be put in the dark gray list, which is the final warning of improvement.

According to indications, officials attending the meeting of the Economic Action Task Force (FATF) here have said that if Pakistan does not take necessary steps, it will be isolated by all members.

An official said that in view of Pakistan’s inadequate performance, it is on the verge of stern action by the FATF and managed to pass only six points out of 27.

The FATF will finalize its decision on Pakistan on 18 October. According to FATF rules, there is a mandatory stage between ‘gray’ and ‘black’ lists, which is called ‘dark gray’.

‘Dark gray’ means strict warning so that the country concerned gets one last chance of reform. The FATF is an inter-governmental body established to counter money laundering, terrorist financing and other threats to the integrity of the international financial system.

Let me tell you, the FATF review put Pakistan in the gray list in June 2018 and gave 27 action plans till September 2019 for compliance to come out of the gray list.

This review of the FATF meeting in Paris will now decide the fate of Pakistan with three possibilities.

After review, it can be removed from the gray list and put in the green list, with an extended period of nine to 12 months, and in the worst case, the third scenario could be that the country is in the blacklist.

It can be inserted, if done this can have serious consequences for the economy of the country.