According to media reports , Pakistan may remain on the Financial Action Task Force’s Grey List beyond February 2020 for money laundering and terror financing due to its “risk profile.
Pakistan was placed on the Grey List by the Paris-based Financial Action Task Force (FATF) in June last year and was given a plan of action to complete it by October 2019, or face the risk of being placed on the Black List with Iran and North Korea.
The FATF retained Pakistan on the Grey List and warned the country of action for its failure in combating money laundering and terror financing. The decision was taken after a five-day plenary of the FATF held in Paris in October.
“Pakistan faces greater challenges than many other countries because of its risk profile, Hammad Azhar, the minister responsible for economic affairs division, was quoted as saying by Dawn newspaper on Friday.
He was speaking at a meeting of the National Assembly’s Standing Committee on Finance and Revenue.