Pakistan placed on FATF's terror grey list

Pakistan has been placed on the grey list by the Financial Action Task Force (FATF) for failing to curb terror financing, amidst diplomatic efforts by the country to avoid being put on the blacklist.

The decision was taken on Wednesday night at FATF's plenary session in Paris.
The FATF is an inter-governmental body set up in 1989 to combat money laundering, terrorist financing and other related threats to the integrity of the international financial system.
The announcement follows Pakistan submitting a comprehensive 26-point action plan to the FATF on the previous day to choke funding to terrorist groups, including Mumbai terror attack mastermind Hafiz Saeed's JuD and its affiliates, to avoid being put on the blacklist.
Pakistan has made hectic efforts in recent months to avoid being placed on the blacklist of countries considered non-compliant with FATF's anti-money laundering and terrorist financing regulations, which could hurt its economy. 
Even being placed on the grey list is likely to hurt Pakistan's fragile economy and its global standing. 
Pakistan was last on the FATF grey list from 2012 to 2015.
As the 37-nation FATF plenary began its proceedings on Pakistan's 26-point action plan to be implemented starting January to September 2019, a Pakistani delegation apprised the watchdog of steps Islamabad had taken to weed out money laundering and terror financing to avoid the country being placed on the grey list.
The approval of the plan helps Pakistan escape being blacklisted, and being placed on the watch list. 
On 20 June, the Securities and Exchange Commission of Pakistan issued Anti Money Laundering and Countering Financing of Terrorism Regulations 2018, in compliance with FATF recommendations.
On 8 June 8, the National Security Committee (NSC) reaffirmed its commitment to cooperate with FATF.