Paris (France) | Jagran News Desk: Pakistan on Friday escaped the ‘black List’ of Financial Action Task Force (FATF) which gave it time till February 2020 to put its house in order or warned that it would be blacklisted.

“Strongly urge Pakistan to swiftly complete its full action plan by February 2020, otherwise should significant and sustainable progress not be made across the full range of its action plan by next Plenary, the FATF will take action including urging members to advise their financial institutions to give special attention to business relations/transactions with Pakistan,” the FATF said in a statement on Friday.

The Paris based global agency also warned Pakistan that a part of the action will include urging members to advise their financial institutions to give special attention to business relations/transactions with Pakistan.

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Pakistan was put in the ‘grey list’ in June 2018 by the FATF after it failed to complete a 27-point action plan by the FATF. The global watchdog then gave it 15 months to complete the implementation of the action plan.

If it continues to remain on the ‘Grey List’ then it would be very difficult for Pakistan to get any financial aid from the IMF, the World Bank and the European Union, making its financial condition even more precarious.

The FATF is a global watchdog for terror financing and money laundering across the world. It places nations in three categories – White List, Black List and Grey List. It was established in 1989 to combat money laundering, terrorist financing and other related problems.

The ‘White List’ is a list of countries that comply with most of the FATF’s parameters while the ‘Grey List’ is a list of nations identified as ‘high risk’ nations. The ‘Black list’ includes those countries which are non-cooperative in the global fight against money laundering and terrorist financing.

Posted By: Aalok Sensharma