ISLAMABAD – Setback for Pakistan as Financial Action Task Force formallyannounced decision against Pakistan after the Paris moot.
The Financial Action Task Force (FATF) on Friday formally announced thatPakistan will remain on its grey list for the next four months, handing ita final lifeline after acknowledging recent improvements.
The task force directed Islamabad to take more measures for completeelimination of terror financing and money laundering while expressingserious concerns over the lack of progress in addressing terror financingrisks.
“The FATF strongly urges Pakistan to swiftly complete its full action planby February 2020,” it said in its statement. “Otherwise, should significantand sustainable progress not be made across the full range of its actionplan by the next Plenary, the FATF will take action.”
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“Since June 2018, when Pakistan made a high-level political commitment towork with the FATF and the Asia-Pacific Group (APG) to strengthen itsanti-money laundering (AML) and counter terror financing (CTF) regime andto address its strategic counter-terrorist financing-related deficiencies,Pakistan has made progress towards improving its AML/CFT regime, includingthe recent development of its money laundering / terror financing riskassessment,” the FATF conceded.
