Gulf Today Report

Pakistan once again failed in its bid to get out of the Financial Action Task Force’s (FATF) grey list after the watchdog said on Friday that Islamabad will continue to remain in its “increased monitoring list.”

The FATF is an international organisation that coordinates global efforts to crack down on money laundering and terrorism financing.

According to reports the watchdog said that Pakistan has made significant progress and has largely addressed 26 out of 27 recommended measures to improve its position.

“Pakistan still needs to address the action plan on financial terrorism which concerned the "investigation and prosecution of senior leaders and commanders of UN-designated terror groups," said FATF President Dr Marcus Pleyer in a press conference.

Further explaining the process of delisting, Pleyer said that even after the last remaining item on the original action plan was addressed, delisting would not occur as there was a parallel action plan that was also given.

The watchdog, however, added Haiti, Malta, Philippines and South Sudan on a "grey list" on Friday.

The new additions bring the number of countries currently under increased monitoring by the watchdog to 22.