Berlin, June 17: Global financial watchdog the Financial Action Task Force (FATF) said on Friday that Pakistan will continue to stay on its 'grey list' and a final decision to remove it from the list will be taken after an "on-site" verification visit by the Paris-based body.

This decision was announced after the conclusion of the FATF plenary in Berlin, where delegates from governments around the world and partner organizations, including the UN and IMF discussed key money laundering and terrorist financing issues.

"At its June 2022 Plenary, the FATF made the initial determination that Pakistan has substantially completed its two action plans, covering 34 items, and warrants an on-site visit to verify that the implementation of Pakistan's AML/CFT reforms has begun and is being sustained, and that the necessary political commitment remains in place to sustain implementation and improvement in the future," the FATF said in a statement. "The FATF will continue to monitor the COVID-19 situation and conduct an on-site visit at the earliest possible date," it added. Earthquake in Pakistan: Quake of Magnitude 5.1 Hits Various Parts of the Country.

Pakistan has been on the Paris-based global money laundering and terrorist financing watchdog's grey list for deficiencies in its counter-terror financing and anti-money laundering regimes since June 2018. This greylisting has adversely impacted its imports, exports, remittances, and limited access to international lending.

In June 2021, the country was given three months to fulfil the remaining conditions by October. However, Pakistan was retained on the FATF 'grey list' for failing to effectively implement the global FATF standards and over its lack of progress on investigation and prosecution of senior leaders and commanders of UN-designated terror groups. Back in March, FATF had called Pakistan to work on "complex money laundering investigations and prosecutions."

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