Terror-financing grey listing costs Pakistan billions annually

FAFT to keep South Asian economy's status despite 'significant progress'

20210303 pakistan FATF

FATF is keeping Pakistan on its grey list until further progress is made in eliminating terrorism funding. (Nikkei montage/Reuters)

ADNAN AAMIR, Contributing writer

KARACHI -- The Financial Action Task Force (FATF), an inter-governmental, anti-money laundering watchdog, is keeping Pakistan on its grey list, and experts say this is a major encumbrance on the country's struggling economy.

FATF announced last week that Pakistan would retain its grey status until June when it will be reviewed at an extraordinary plenary session.

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