ISLAMABAD – The Financial Action Task Force (FATF) announced on Friday that Pakistan will continue to remain on its grey list that pertains to money laundering and terror financing.
The FATF announced its decision in a press conference after concluding a session being held in Paris since June 21 virtually.
The international watchdog acknowledged that Pakistan had completed implementation on 26 out of 27 points of the action plan, adding that the country needs to implement the last condition that comprises six points.
It said that Pakistan needs to improve the punishment system, adding that the South Asian country will have to award sentences to UN-designated 1373 persons.
As per reports, the taskforce reviewed the Asia Pacific Group’s report on Pakistan’s compliance with the watchdog’s prescribed action items.
In June 2018, the global watchdog had placed Pakistan on its grey list over Islamabad’s failure to curb money laundering and terror financing. Since then, Pakistan has been struggling to get out of the list by working on the FATF action plan.
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