FATF (Financial Action Task Force) is an Inter-governmental body established in 1989 by the G7 group of countries in the French capital, Paris. Its function is to monitor activities such as money laundering, proliferation of weapons of mass destruction and financing of terrorism at the international level. In addition FATF also promotes effective implementation of legal, Regulatory and operational measures on the subject of finance.
FATF has instructed Pakistan to take strict action against abolition of money laundering and terrorist funding till its final decision on February, 2020. While Pakistan's Financial Ministry spokesperson denied the news and said " this is not true and nothing will happen before October,18". FATF has decided to give four months relief to Pakistan to implement the remaining recommendation.
Official decision to be made on Friday as it marks the last day of its session. Pakistan's Minster of Economic Affairs Hamad Azhar explained the positive performance of his country on 20 out of 27 parameters to investigate terrorist funding.
FATF had put Pakistan in grey list on june last year and warned Pakistan to stop terrorist funding. If this does not happen ,then Pakistan can be blacklisted along with Iran and North Korea. Pakistan has failed to stop terrorist funding . According to Reports, out of 27 point ,Pakistan has been able to meet only 6 points. Pakistan has been isolated by all countries in meeting.
