The Financial Action Task Force (FATF) has taken a decision to put Pakistan on a grey list for terror financing, according to the sources.
The motion brought forth by the United States (US) was backed by the countries like the United Kingdom (UK), France, and India.
The insiders revealed that Pakistan’s traditional friend China withdrew its objections in putting Islamabad on the grey list.
The move will make it difficult for international financial institutions and banks to do business in Pakistan and it will also make it difficult for Pakistani businesses to raise money overseas.
Pakistan, earlier this week, claimed that it has been granted a three-month reprieve to be placed on a terror-financing watch-list.
Pakistan Foreign Minister Khawaja Asif tweeted on Tuesday, “Our efforts paid, FATF Paris 20 Feb meeting conclusion on the US-led motion to put Pakistan on the watch list. No consensus for nominating Pakistan, proposing three months pause and asking APG [Asia Pacific Group] for another report to be concluded in June”.
Asif was in Moscow when he posted on Twitter.
Paris-based FATF, also known by its French name Groupe d’action financiere, is an intergovernmental organisation founded in 1989 to develop policies to combat money laundering.