A global dirty money watchdog decided on Friday to keep Pakistan on its “grey list”, despite progress by Islamabad on meeting international anti-terrorism financing norms, reported Reuters.
In a statement, the Financial Action Task Force urged Pakistan to complete an internationally agreed action plan by February 2021.
FATF said Pakistan had now reached 21 targets out of 27 set for it in 2018 when Pakistan was placed on FATF’s “grey list” of countries with inadequate controls over terrorism financing.
But Pakistan still needs to demonstrate that law enforcement agencies are identifying and investigating the widest range of terrorism financing activity, FATF said.
The watchdog also asked Islamabad to demonstrate that terrorism financing probes resulted in effective, proportionate and dissuasive sanctions.
“FATF acknowledged that any blacklisting is off the table now,” Pakistani federal minister Hammad Azhar tweeted.
Mr. Azhar, who leads Pakistan’s delegation at FATF plenary meetings, said the forum’s discussions were focused on how Pakistan could be supported in meeting its targets before a formal review in the middle of next year.
Last February, Pakistan secured an extra four months to complete the plan after missing 13 of the 27 targets that FATF had set for it in 2018 when it put Pakistan on its “grey list”.
The grace period was then extended due to the new coronavirus pandemic.