Implement full action plan by Feb 2020 or face blacklist: FATF to Pakistan

Pakistan likely to be included in FATF grey list till February 2020
Pakistan likely to be included in FATF grey list till February 2020

The Financial Action Task Force (FATF), the global terror financing and money laundering watchdog, strongly slammed Pakistan for failing to meet most of its 27 targets. FATF warned that Pakistan would be blacklisted if it did not take remedial measures within the next four months, sources said.

The move follows a review of steps taken by Pakistan to check money laundering and terror financing activities, which were deemed unsatisfactory.

In a statement, FATF said, “Strongly urge Pakistan to swiftly complete its full action plan by February 2020, otherwise, should significant and sustainable progress not be made across the full range of its action plan by next Plenary, FATF will take action, including urging members to advise their financial institutions to give special attention to business relations/transactions with Pakistan.”

FATF has directed Islamabad to take “extra measures” to eliminate terror financing and money laundering. In 2018, the international organization put Pakistan on its grey list and gave the country 15 days for complete implementation of a 27-point action plan.

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Pakistan has been warned that if it fails to act upon the instructions, it will be placed in the blacklist along with Iran and North Korea. Once a country is included in the blacklist of the Financial Action Task Force (FATF), it becomes difficult for it to get financial aid from global money lenders like International Monetary Fund (IMF) and World Bank.

Pakistan has been warned that if it fails to act upon the instructions, it will be placed in the blacklist along with Iran and North Korea. Once any country is included in the blacklist of the Financial Action Task Force (FATF), it becomes difficult for it to get financial aid from global money lenders, like International Monetary Fund (IMF) and World Bank.

-PTC News