PARIS: The Financial Action Task Force (FATF) has decided to place Pakistan on its grey list until June this year.
The decision was taken by during the six-day meeting that was held in Paris from 16-21st February in which Pakistan was advised to complete all the targets by the next plenary meeting in June 2020 to be removed from the grey list.
While accepting the steps taken by Pakistan towards the implementation of the plan, FATF highlighted that the country should stand committed to taking all necessary action.
In this regard, several member states had appreciated Pakistan’s performance in competing and trying despite strong opposition and efforts from India to place the country on the blacklist.
The FATF recognises progress made by Pakistan but is concerned about the failure to complete its action plan to reduce money laundering and terrorist financing risks. The #FATF strongly urges #Pakistan to complete its action plan. ➡️https://t.co/ucVnC2EbQW #FATFweek
— FATF (@FATFNews) February 21, 2020
Pakistan was granted the first extension by the FATF plenary in last October for completing its conditions till February 2020. Until now Pakistan had completed 14 out of 27 action points. The country has been asked to take suitable measures fto complete the 27 action points by October 2020.
Pakistan has to submit its compliance report until April 30, 2020. Later in May, a meeting will be held in this regard the FATF plenary meeting that would be held in June 2020 where the task force would estimate the country’s performance and decide whether to place Pakistan on the grey list or not.
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During the six-day meeting held in Paris, the Pakistani delegation was headed by Minister for Economic Affairs Hammad Azhar. Pakistan has already obtained the support required to avoid the blacklist.
The FATF is an inter-governmental body established in 1989 to combat money laundering, terrorist financing and other related threats to the integrity of the international financial system.
FATF put Pakistan on its grey list in June 2018 because of deficiencies in the country’s anti-money laundering and countering of terror financing regulations.
On the other hand, the FATF put Iran on its blacklist as Iran failed to meet the deadline set by the watchdog. FATF last year in October gave Tehran a final deadline to comply with international norms.
READ MORE: Finance Adviser thanks China on support in FATF meetings
