Islamabad, Oct 20, IRNA – The Financial Action Task Force has retainedPakistan on its grey list for four more months, but, Ministry of Financereaffirms commitment to FATF action plan, local media said.
The decision was taken at the end of the FATF meeting that was held inParis from October 13 to October 18. Pakistan has been given till February2020 to fully implement the FATF’s 27-point action plan.
Representatives from 206 countries and jurisdictions around the world tookpart in the meeting. The Pakistani delegation was led by the Minister forEconomic Affairs, Hammad Azhar.
“Despite a high level commitment by Pakistan to fix these weaknesses,Pakistan has not made enough progress,” Xiangmin Liu, president of theFATF, said in Paris.
This is for the first time since February last year that the globalmoney-laundering and terror-financing watchdog has warned that it couldblacklist Pakistan.
The global watchdog warned Pakistan of action in case significant andsustainable progress is not made across the full range of action plan bythe next plenary scheduled for February 2020.
The statement of the FATF said the action could include the FATF calling onits members and urging all jurisdictions to advise their financialinstitutions to give special attention to business relations andtransactions with Pakistan.
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“To date, Pakistan has only largely addressed five of 27 action items, withvarying levels of progress made on the rest of the action plan,” thestatement further said.
While noting recent improvements, the FATF again expressed serious concernswith the overall lack of progress by Pakistan to address its terrorfinancing risks, including remaining deficiencies in demonstrating asufficient understanding of Pakistan’s transnational terrorfinancing risks, and more broadly, the country’s failure to complete itsaction plan in line with the agreed timelines.
In 2012, Pakistan was placed on the grey list and remained till 2015. Thecountry was put on the list again on June 29, 2018.
Pakistan was given 15 months for implementation of the 27-point actionplan, with a warning that in case of failure the country would be added tothe blacklist — a list of the countries branded as uncooperative and taxhavens for terror funding.
Soon after the FATF announcement, the finance ministry in a statementreaffirmed Pakistan’s commitment to implementing the FATF action plan.
