Paris
The Financial Action Task Force 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-Paacific Group to strengthen its anti-money laundering and counter terror financing 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.
At the October 2019 plenary, according to the statement, the country reiterated its political commitment to completing its action plan and implementing AML/CFT reforms. “Pakistan should continue to work on implementing its action plan to address its strategic deficiencies,” it added.
