OBSERVER REPORT ISLAMABAD The Financial Action Task Force has decided to maintain Pakistan’s status on its ‘grey list’ of countries with inadequate control over curbing money laundering and terrorism financing until June, when the next review will take place, a statement issued by the Finance Division said on Friday. “FATF membe rsagreed to maintain Pakistan’s status on FATF’s Compliance Document, normally referred [to] as the Grey List,” the press release issued after the conclusion of the sixday FATF plenary meeting in Paris said. The Finance Division pointed out that during the last reporting period, Pakistan made “significant progress” in the implementation of the 27- point FATF Action Plan, which was demonstrated by the completion of nine additional action items. “FATF reviewed progress made by Pakistan towards implementation of the Action Plan. While acknowledging the steps taken by Pakistan towards implementation of [the plan] and welcoming its high-level political commitment, FATF highlighted the need for further actions for completing the Action Plan by June 2020,” the handout said. It emphasised that the government “stands committed for taking all necessary action” in order to complete the remaining items in the action plan and that a strategy in this regard has been formulated and is being implemented. The FATF in its statement issued after the Paris meeting said it “strongly urges” Pakistan to “swiftly complete” its full action plan by June 2020.
