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International relations

Terror-financing grey listing costs Pakistan billions annually

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

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

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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