Pakistan might escape the blacklist but they will remain in grey list
FATF (Financial Action Task Force) will take a decision on whether Pakistan will be blacklisted or it will remain in the grey list. Pakistan is under tremendous pressure as the decision is to come on Friday.
FATF, a global terror watchdog put Pakistan in the grey list last year in June. Pakistan was given a plan of action which was to be completed by October 2019 or face the risk of being blacklisted along with Iran and North Korea.
Financial Action Task Force is an inter-governmental body established in the year 1989 with a motive to combat terror funding, money laundering and other related threats to the integrity of International financial system.
Earlier, sources indicated that Pakistan will remain in the grey list despite the country’s efforts of gathering votes to get off that list. Pakistan is also trying to block any move which can blacklist them.
Will Pakistan be able to evade blacklist
Pakistan needs 3 votes to evade the blacklist which they will get from China, Turkey, and Malaysia. However, it would be difficult for them to get off the grey list as they will need the support from 15 countries.
Even though Pakistan escapes the blacklist, Pakistan will have to prove that they are genuinely serving ties with Islamist militants and are taking significant action against terrorism.
Hammad Azhar, head of the Pakistani delegation and Minister of Economic Affairs division, is expected to make a statement on Friday. The decision will be announced by FATF president Xiangmin Liu.
How Grey list or Black list affects Pakistan
Pakistan might have to suffer severe financial consequences and economic setbacks if they are blacklisted. The country’s economy is already facing a balance of payment crisis.
If Pak continues to be in grey list, it will remain a headache for the country to get financial aid from World Bank, IMF and the European Union, making its financial condition more uncertain.
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