Pakistan will remain in the FATF Grey list till the upcoming review in February 2021, as Pakistan has failed to meet six of the total 27 points.
Obligations not met by Pakistan
· Lack of actions against charitable organizations.
· Delays in the prosecution of banned individuals inter alia Lashkar-e-Taiba chief Hafiz Saeed and operation chief Zaki Ur Rahman Lakhvi.
· Non-compliant in cracking down on terror financing through narcotics and smuggling.
· FATF also has shown concern about 4000 names that were on Pakistan's Schedule-4 list under the Anti-Terrorism Act but went missing as of September 2020, etc.
About FATF
The Financial Action Task Force also known as Groupe d'action financière (GAFI) is an intergovernmental organization founded in 1989. The FATF Secretariat is located at the OECD headquarters in Paris. Marcus Pleyer of Germany is the current president of the FATF. FATF is an initiative of the G7 to develop policies to combat money laundering. As of 2019, FATF had 39 full members (including India), comprising 37 member jurisdictions and two regional organizations -the European Commission and Gulf Cooperation Council.
Objectives of FATF
The objectives of FATF are to set standards and promote effective implementation of legal, regulatory, and operational measures for combating money laundering, terrorist financing, and other related threats to the integrity of the international financial system. The mandate of the organization was expanded in 2001 to include terrorist financing following the September 11 terror attacks. It monitors progress in implementing its Recommendations through "peer reviews" ("mutual evaluations") of member countries.
Since 2000, FATF maintains;
The FATF Blacklist (formally known as ''Call for action'')
The FATF Grey list (formally known as ''Other monitored jurisdictions'')
ROLE OF TURKEY
Turkey, the only country that defended Pakistan at the plenary meeting of the global anti-money laundering watchdog. Turkey proposed that the member should consider Pakistan's good work and a FATF on-site team should visit Pakistan to finalize the assessment.
Trivia
There are only two countries in the blacklist - Iran and North Korea and 18 in the grey list of FATF.