Pakistan-based Hafiz Saeed, who masterminded the 26/11 Mumbai attacks, was this month declared a terrorist under Pakistani law. (Reuters photo)

Pakistan is likely to be placed on the terror financing watch list from June this year. The country has been given time to make changes in its action against terror outfits.

Pakistan has not been mentioned in the statement by the Financial Action Task Force (FATF) that concluded its plenary meeting on Friday in Paris. Sources confirmed that Pakistan will be put on the list in the next plenary meeting scheduled for June.

Pakistan was previously on this grey list between 2009 and 2015.

Even before the conclusion of the FATF plenary meeting, there were speculation of the inclusion of Pakistan in the list. Noting this, a Pakistani minister tweeting, "We should not speculate till official statement is released."

A few Pakistani journalists, however, tweeted saying they have been able to confirm the FATF decision to place Islamabad on the grey list. All of them cited unnamed sources.

A top official has confirmed that Pakistan has lost it battle at the FTAF. From June Pakistan will be placed in the list of countries suspected for terror financing.Further blow to us is the alarming fact that even China sided with the world and abandoned us Kamran Khan (@AajKamranKhan) February 23, 2018

Decision is in, the Financial Action Task Force (FATF) has decided to put #Pakistan on the greylist for terror. All-weather friend #China withdrew its objection to the nomination, allowing consensus to go through. Naila Inayat (@nailainayat) February 23, 2018

The move would enhance the level of scrutiny applied to the financial transactions that the country's banking sector carries out with the rest of the world.

The resolution to place Pakistan on the so-called grey list reportedly went through after China and other Gulf Cooperation Council countries remained silent during the final rounds of negotiation on the move, which was backed by Britain, France and Germany.

News agency Reuters, citing its non-Indian diplomatic source, reported that by Thursday night, both China and the GCC countries had dropped their opposition to the resolution.

Today's reported developments come just days after Pakistan claimed it had won a reprieve at the Paris-based FATF. "Our efforts paid, FATF Paris 20 February meeting conclusion on US-led motion to put Pakistan on watch-list. No consensus for nominating Pakistan," Pakistan's Foreign Minister Khawaja Asif claimed on Twitter.

Our efforts paid,FATF Paris 20Feb meeting conclusion on US led motion to put Pakistan on watch list

-No consensus for nominating Pakistan

-proposing 3months pause &asking APG for another report to b considered in June ?????????

Grateful to friends who helped Khawaja M. Asif (@KhawajaMAsif) February 20, 2018

Earlier, US media also reported that China, Saudi Arabia and Turkey -- three close allies of Pakistan -- had joined hands at FATF to block the resolution to place Islamabad on the grey list. That seems to have changed today with the three countries (Saudi Arabia was reported to be acting on behalf of the GCC) did not speak up during the final round of negotiations.

Pakistani officials and analysts fear being on the FATF watch list could endanger its handful of remaining banking links to the outside world, causing real financial pain to the economy just as a general election looms in the summer, Reuters had previously reported.

Pakistan has been reported to have been engaged in hectic back-channel diplomacy to avoid being placed on the FATF grey-list.

The country's decision earlier this month to amend its laws to essentially (and officially) declare Hafiz Saeed, the mastermind of the November 26, 2008 Mumbai attacks, a terrorist was also seen by analysts in the context of Islamabad trying to avoid a place on the watch-list.

This is not the first time Pakistan has been placed on the FATF grey list. The country previously found a place on the list between 2009 to 2015.

Currently, countries including North Korea, Iran, Iraq, Syria, Yemen and Ethiopia are part of the FATF grey list.

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