In a blow to Pakistan, the Financial Action Task Force has placed it on the ‘grey list’ for failing to curb anti-terror financing despite Islamabad submitting a 26-point action plan and launching a concerted diplomatic effort to avert the decision, officials said on Thursday.
The decision was taken late on Wednesday night at the global financial watchdog Financial Action Task Force’s (FATF) planery session in Paris where finance minister Shamshad Akhtar represented Pakistan, according to official sources.
The FATF is an inter-governmental body established in 1989 to combat money laundering, terrorist financing and other related threats to the integrity of the international financial system.
The announcement comes a day after Pakistan submitted a comprehensive 26-point action plan to the FATF to choke the funding of militants groups, including Mumbai attacks mastermind Hafiz Saeed-led JuD and its affiliates, to avoid being blacklisted by it. Read More