New Delhi | Jagran News Desk: Pakistan continues to remain on the 'grey list' of Financial Action Task Force, which found that Islamabad failed to fulfil three key tasks and showed "serious deficiency in checking terror financing". The decision was taken at the plenary meeting of the Paris-based global watchdog for money laundering and terror financing.

Noting that Pakistan failed to fulfil three key tasks, the FATF gave Islamabad deadline till June 2021 when it will the country's current status. It said that the deadline given to Pakistan had already expired and asked the country to address the tasks as quickly as possible.   

"Pakistan should continue to work on implementing the three remaining items in its action plan to address its strategically important deficiencies, namely by: demonstrating that TF investigations and prosecutions target persons and entities acting on behalf or at the direction of designated persons or entities; demonstrating that TF prosecutions result in effective, proportionate and dissuasive sanctions and demonstrating effective implementation of targeted financial sanctions against all 1267 and 1373 designated terrorists, specifically those acting for or on their behalf," the FATF said in a statement. 

After its meeting, Marcus Pleyer, president of Paris-based Financial Action Task Force (FATF), said the deadline given to Pakistan has already expired and asked Islamabad to address their concerns "as quickly as possible".

"To date, Pakistan has made progress across all action plan items and has now largely addressed 24 of the 27 action items. As all action plan deadlines have expired," Pleyer said in Paris at the end of its plenary session.

There is serious deficiency on the part of Pakistan in checking terror financing and the country is yet to demonstrate taking action against the UN designated terrorists and their associates, he said.

He said Pakistan courts must give effective, decisive and proportionate punishment to those involved in terrorism, a statement which comes close on the heels of Pakistan Supreme Court acquittal of terrorist Omar Saeed Sheikh, the main accused in the 2002 murder of American journalist Daniel Pearl.

He said that Pakistan must complete three unfulfilled tasks and once it is completed, the FATF will verify and take a decision on its present status in the next plenary to be held in June.

Posted By: Abhinav Gupta