ISLAMABAD: The Financial Action Task Force (FATF) has decided to keepPakistan in the grey list for four more months for its insufficient abilityto curb money laundering and terror financing, said a statement issued bythe Finance Division after a review meeting in Paris.
“FATF members agreed to maintain Pakistan’s status on FATF’s ComplianceDocument, normally referred [to] as the Grey List,” the FATF press releasesaid and “strongly urged” Pakistan to “swiftly complete” its full actionplan by June 2020.
“Otherwise, should significant and sustainable progress especially inprosecuting and penalising TF (terror financing) not be made by the nextPlenary, the FATF will take action,” it added.
It said such action could include calling on its members to order theirfinancial institutions to give particularly rigorous attention to businessrelations and transactions with Pakistani clients.
The anti-terror financing watchdog will take up Islamabad’s case in Juneagain to decide whether the country complied with its objective to evadethe grey list.
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According to the Finance Division, Pakistan made “significant progress” inthe implementation of the 27-point FATF Action Plan during its last review,which was demonstrated by the completion of nine additional action items.
“FATF reviewed the progress made by Pakistan towards the implementation ofthe Action Plan.
While acknowledging the steps taken by Pakistan towards the implementationof [the plan] and welcoming its high-level political commitment, FATFhighlighted the need for further actions for completing the Action Plan byJune 2020,” the handout said.
