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FATF keeps Pak in grey list, hands 4-month lifeline
TIWN
FATF keeps Pak in grey list, hands 4-month lifeline
PHOTO : TIWN

Paris/Islamabad, Oct 19 (TIWN) The Financial Action Task Force (FATF) on Friday formally announced that Pakistan will remain on its grey list for the next four months, handing it a final lifeline.

FATF President Xiangmin Liu, while expressing satisfaction over steps taken by Pakistan against terrorism and corruption, on Friday announced that Pakistan will remain on its Grey List till February 2020.  The decision was taken after a five-day plenary of the FATF. The inter-governmental organization has urged Pakistan to address all tasks given to it till February 2020.  Earlier, a Pakistani delegation led by Minister for Economic Affairs Hammad Azhar told the FATF meeting that Pakistan has made positive progress in 20 out of 27 points.  The FATF examined the compliance report of Pakistan in its meeting and expressed satisfaction over new risk assessment study of Pakistan. China, Turkey and Malaysia, have supported the stance of Pakistan. 

The Pakistani officials assured the FATF that Islamabad adheres to all FATF targets and anti-money laundering laws have been made according to international standards.  The task force directed Islamabad to take more measures for complete elimination of terror financing and money laundering while expressing serious concerns over the lack of progress in addressing terror financing risks.  "The FATF strongly urges Pakistan to swiftly complete its full action plan by February 2020," it said in its statement. "Otherwise, should significant and sustainable progress not be made across the full range of its action plan by the next Plenary, the FATF will take action."  "Since June 2018, when Pakistan made a high-level political commitment to work with the FATF and the Asia-Pacific Group (APG) to strengthen its anti-money laundering (AML) and counter terror financing (CTF) regime and to address its strategic counter-terrorist financing-related deficiencies, Pakistan has made progress towards improving its AML/CFT regime, including the recent development of its money laundering/terror financing risk assessment," the FATF said.

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