Setback for Pakistan as FATF formally announced decision against Pakistan

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Setback for Pakistan as FATF formally announced decision against Pakistan

ISLAMABAD - Setback for Pakistan as Financial Action Task Force formally announced decision against Pakistan after the Paris moot.

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 after acknowledging recent improvements.

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 conceded.