FATF all set to decide on Pakistan’s grey list status this month

The Financial Action Task Force is all set to decide on Pakistan’s grey list status in a virtual meeting scheduled later this month, according to a media report on Monday.

The Paris-based global money laundering and terrorist financing watchdog had placed Pakistan on the grey list in June 2018 and asked Islamabad to implement a plan of action to curb money laundering and terror financing by the end of 2019 but the deadline was extended later on due to COVID-19 pandemic.

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 FATF currently has 39 members including two regional organisations – the European Commission and Gulf Cooperation Council.