ISLAMABAD: Pakistan has not impressed the Financial Action Task Force with the steps it has taken to tackle money laundering and terror funding, thereby holding its position under the grey list until the next meeting scheduled for February 2020.
While some spectators have claimed that it is virtually impossible for Pakistan to comply with the FATF requirements within the given time period, others have indicated that it could be effective in avoiding the blacklist.
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Meanwhile, it is expected that the FATF’s decision-making body could hand over another extension to Pakistan. A recent report states that there are a number of reasons why FATF may be willing to extend more time to Pakistan.
One is, of course, the government’s ongoing attempts to counter money laundering and terrorist financing. Another explanation is that blacklisting Pakistan may have serious consequences not only for the region but for the entire world economy.
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To date, only five of the 27 action items have been resolved by Pakistan, with different levels of progress on the rest of the action plan.
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