Pakistan placed on FATF's greylist
Paris, Jun 28 (IBNS): Dissatisfied with Pakistan's efforts in preventing terror financing, the Financial Action Task Force (FATF) on Wednesday has placed the Asian nation on its grey list, following a plenary meeting in Paris.
The global financial watchdog had earlier granted Pakistan a three-month period to clean up its act, pertaining to money laundering and terror-financing, but remained unconvinced with the results showed to them by caretaker Finance Minister Shamshad Akhtar.
The sanction against Pakistan was made despite efforts from Islamabad to avert the decision.
The idea to put Pakistan on the FATF list was first suggested by the USA in February.
Though it received a backlash from China, Turkey and Saudi Arabia, Western countries like Germany, France and the United Kingdom openly backed the idea.
The USA was later successful in convincing Saudi Arabia to back its plan, in return for a full FATF membership.
With Riyadh backing out, Turkey and China's support fell short of the minimum three members Pakistan needed to stop the move.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
