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Why is Pakistan on FATF gray record? Why FATF thinks Pakistan is concerned in terror financing and cash laundering? What are US views?

The international physique in opposition to cash laundering and terror financing had additionally requested Pakistan to work to deal with its strategically essential deficiencies

File picture of Pakistan prime minister Imran Khan. AP

Washington: Pakistan has made important progress on its first motion plan of the Financial Action Task Force (FATF) by largely addressing 26 of the 27 motion gadgets, the US has mentioned.

It has additionally urged Pakistan to swiftly full the remaining motion merchandise by demonstrating that terrorism financing, investigations and prosecutions goal senior leaders and commanders of UN-designated terror teams.

At its digital plenary assembly final month, the FATF had retained Pakistan on its ‘gray record’ for failing to examine cash laundering, resulting in terror financing. It had additionally requested Pakistan to research and prosecute UN-designated terrorists primarily based within the nation like Jaish-e-Mohammad (JeM) chief Masood Azhar and Lashkar-e-Taiba (LeT) founder Hafiz Saeed.

The international physique in opposition to cash laundering and terror financing had additionally requested Pakistan to work to deal with its strategically essential deficiencies.

At his each day information convention on Monday, State Department spokesperson Ned Price mentioned, “We do recognise and we support Pakistan’s continued efforts to satisfy those (first action plan) obligations. Pakistan has made significant progress on its first action plan with 26 of 27 action items largely addressed.”

“We encourage Pakistan to continue working with the FATF and the international community to swiftly complete the remaining action item by demonstrating that terrorism financing, investigations and prosecutions target senior leaders and commanders of UN-designated groups,” he mentioned.

In response to a query, Price mentioned the US encourages Pakistan to expeditiously work on its new second motion plan.

Pakistan was positioned on the ‘gray record’ by the FATF in June 2018 and was given a plan of motion to finish by October 2019. Since then the nation continues to be on this record because of its failure to adjust to the FATF mandates.

With Pakistan’s continuation on the ‘gray record’, it’s more and more changing into troublesome for the nation to get monetary assist from the International Monetary Fund, World Bank, Asian Development Bank and the European Union at a time when it faces a precarious monetary scenario.

Islamabad has managed to keep away from the ‘black record’, for which it wants the assist of three nations. China, Turkey and Malaysia have been its constant supporters.

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