PARIS: Acknowledging the country’s recent improvements, Financial Action Task Force (FATF) formally announced on Friday that Pakistan will remain on its grey list till February 2020.
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The global watchdog while recognizing Pakistan’s progress towards money laundering and terror financing, said: “The FATF strongly urges Pakistan to swiftly complete its full action plan by February 2020.”
“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,” the statement cautioned.
“Since June 2018, when Pakistan made a high-level political commitment to work with the FATF and the Asia-Pacific Group (APG) to strengthen its anti-money laundering (AML) and counter-terror financing (CTF) 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.
“Pakistan should continue to work on implementing its action plan to address its strategic deficiencies,” the statement added.
On Oct 14, a Pakistani delegation headed by Federal Minister for Economic Affairs Hammad Azhar attended a crucial session of the Financial Action Task Force in Paris. The mission apprised the meeting that Pakistan has made positive progress in 20 out of twenty-seven points.
In the session, China, Turkey and Malaysia appreciated Pakistan’s steps taken out in accordance with the FATF’s action plan.
 formally announced on Friday that Pakistan will remain on its grey list till February 2020){kind=link}