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Pak on verge of being ‘dark grey listed’ as FATF deliberates in Paris

New Delhi: The Paris-based Financial Action Task Force (FATF) is currently deliberating on whether to place Pakistan in the “Dark Grey list” for its failure of action against terrorist groups operating from its soil.

The FATF, international watchdog on terror-funding and money-laundering, began its meeting on October 13 and will conclude it on October 18.

Ahead of its plenary session, FATF issued a statement stating that the areas of discussion would include “Progress by Iran, Pakistan and other countries that present a risk to the financial system”.

Pakistan, already on grey list since 2018, is on the verge of stronger action by FATF with adverse review reports, given its inadequate performance, whereby it managed to pass in only 6 of 27 criteria. However, Pakistan is still going to submit a dossier of actions taken by Islamabad against terror financing and money laundering.

According to FATF rules there is one essential stage between Grey and Black List, referred to as Dark Grey.

This is the issuance of a strong warning, so that the country concerned gets one last chance to improve. As per indications, Pakistan could be isolated by most of the members for not doing enough. This would be the first Plenary under the current Presidency of FATF, Xiangmin Liu of China.

India, UK, US, France and many other nations have been consistently pushing for action against these terror networks and terrorists but to no avail. Friday will be crucial for Pakistan. For now it is trying very hard to get off the grey list and India is working the channels to ensure that blacklisting process is initiated.

But, with potential support from China, Malaysia and Turkey, Pakistan may not be blacklisted for now, as a minimum of three votes are required to prevent a blacklisting at FATF. However, Pakistan would require support of 15 nations to get off the grey list, which it does not have as of now.

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