FATF Extends Deadline for Pakistan to Implement Action Plan

The Financial Action Task Force (FATF) has given Pakistan more time to fully comply with its 27-point action plan. The anti-terror financing watchdog, that is concluding its five-day meeting in Paris today, has reportedly extended Pakistan’s stay on its greylist for another eight months.

The Chinese Foreign Ministry revealed this in a press briefing on Friday. Responding to a question regarding the country’s take on Pakistan in this regard, the spokesperson Geng Shuang said:

Pakistan has made enormous efforts in improving its counter-terror financing system, which has been recognized by the vast majority of FATF members at its latest plenary meeting concluded on February 20 in Paris. It was decided at the meeting that Pakistan will be allowed more time to continue implementing its action plan.

However, a formal decision in this regard will come when the FATF meeting concludes tonight.

Responding to the news, many experts believe Pakistan will get another eight months to implement the rest of the recommendations. This means that the country will remain on the greylist until October 2020, when the next preliminary meeting is scheduled.

Earlier, Pakistan’s economic team, led by the Federal Minister for Economic Affairs, Hammad Azhar, briefed the global anti-money laundering watchdog on Pakistan’s compliance report. He informed the participating countries that Pakistan has fully implemented 14 out of 27 points from the FATF recommendations.

India Fails Again

On the other hand, Indian attempts and hopes to push Pakistan into FATF’s blacklist have fallen short as a majority of participants, including those who voted against Pakistan in the last meeting, have recognized Pakistan’s efforts. The country might extend its stay on the greylist, but it will, for sure, will not be blacklisted by the FATF body.

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