Pakistan continues to remain on Financial Action Task Force (FATF) grey list as it is still to implement the terror funding watchdog's action plan.
The country should work towards full implementation until the next FATF meeting to be held on October 17-22.
It has now been three years since Islamabad was on the gray list of bodies that financed terrorism. For a country to be on the gray list is a sign that the country’s money is being used to fund terrorists.
This contributes to foreign investment inflows affecting the economy. Pakistan was included in the FATF gray list in June 2018.
According to figures by the Pakistani government, the gray list in the FATF has caused about $ 10 billion annually in the country.(ads2)
Pakistan handles the largest number of terrorists listed on the UN list when Islamabad reaches the United Nations Security Council (UNSC) to receive pensions. Being on the UN terrorist list includes cold goods, travel restrictions and arms embargoes.
Over the course of a few months, Pakistan has enacted several laws on Counter Terror Financing (CTF) and Anti Money Laundering (AML) as part of its commitment to the FATF.
A visit by the FATF team will take place as part of the process of realizing Pakistan's action against terrorist financing.
Meanwhile, the FATF has expressed concern over Pakistan's neutral stand against terrorist groups listed on the United Nations list. The country has the largest number of UN listed terrorist groups including Hafiz Saeed of Lashkar-e-Taiba and Masood Azhar of Jaish-e-Mohammed.
While the country has made "significant progress" in addressing 26 of the 27 issues of the 2018 plan, FATF president Dr Marcus Pleyer said, "the investigation and prosecution of senior leaders and leaders of UN-designated terrorist groups".
In fact, Pakistan has approached the United Nations Security Council on "basic costs" by 26/11 intellectuals Hafiz Saeed, Lakshar-e-Taiba leader Zaki ur Rehman Lakhvi and Mahmood Sultan Bashiruddin, a Pakistani nuclear engineer - all three terrorists registered by the terrorists.
The 1267 UNSC sanctions regime includes three main areas - logistics, travel restrictions, and arms embargoes.
Responding to a question, if the FATF hopes that Pakistan will take action until the next member, Player said, "It remains to be seen. Pakistan knows exactly what is expected of them. There is something left to focus on anti-terrorism financing."
"We will co-operate and monitor progress. Thank you for the Pakistani government's commitment to doing so. Over the past four months we will be looking at progress," Player said.
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