Pakistan faces possibility of being blacklisted, says FATF president Marshall Billingslea

New Delhi, News Nation Bureau | Updated : 24 June 2019, 08:08 PM
Pakistan has been given October deadline to improve its counter-terror financing operations. (File Photo: PTI)
Pakistan has been given October deadline to improve its counter-terror financing operations. (File Photo: PTI)

Days after the Financial Action Task Force gave Pakistan October deadline to improve its counter-terror financing operations in line with an internationally agreed action plan, its President Marshall Billingslea on Monday said there is an absolute possibility that Pakistan could be put on the blacklist. 

"I must say with regret that Pakistan is lacking in almost every aspect of the action plan. They missed all the milestones. Absolutely a possibility they could be put on the blacklist. A decision to be taken in the future plenary of October 2019," Billingslea said while speaking at the end of FATF plenary which took place in Orlando, Florida last week and whose audio was provided on Monday.

According to reports, the next plenary of FATF will be in Paris in October during which Pakistan will be assessed if it was able to full fill its commitments. 

Pakistan has been given October deadline to improve its counter-terror financing operations in line with an internationally agreed action plan or face actions against it.

The FATF, which concluded its week-long meeting in Florida in the US, also asked Pakistan to take credible, verifiable, irreversible and sustainable measures to address global concerns related to terrorism and terrorist financing emanating from the territory under its control.

"The FATF has decided to continue to keep Pakistan on its compliance document (i.e. Grey List) for its International Co-operation Review Group (ICRG) for its failure to complete the action plan items due in January and May 2019," an FATF spokesperson had said in a statement.

The FATF continuing Pakistan in the 'Grey' list means its downgrading by IMF, World Bank, ADB, EU and also a reduction in risk rating by Moody's, S&P and Fitch. This will add to the financial problems of Pakistan, which is seeking aid from all possible international avenues.

Reacting to the development, India said it expects Pakistan to take all necessary steps to effectively implement the FATF action plan fully by September and take credible, verifiable, and irreversible measures to address global concerns related to terrorism and terrorist financing emanating from its soil.

In response to a media query regarding the FATF report, Ministry of External Affairs Spokesperson Raveesh Kumar said the FATF has decided to continue to keep Pakistan on its compliance document (i.e. Grey List) for the International Cooperation Review Group (ICRG) monitoring for its failure to complete the action plan items due in January and May 2019.

However, Pakistan accused India of "politicising" the deliberations for its "narrow and partisan" objectives at the FATF meeting in Florida where the global terror financing watchdog decided to keep Islamabad on its 'grey' list for failing to curb funnelling of funds to terror groups.

With PTI Inputs

First Published: Monday, June 24, 2019 07:39 PM
For all the latest World News Download the News Nation App available on Android and iOS.