Pakistan escapes FATF blacklist, to remain on grey list till Feb 2020
The Paris-based FATF issued the warning to Pakistan at its five-day plenary. In an official statement, the global watchdog admitted the progress made by Pakistan to curb money laundering and terror financing.
However, it also strongly urged “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”.
At the plenary, “Pakistan reiterated its political commitment to completing its action plan and implementing AML/CFT reforms,” read the statement.
Last year, Pakistan was put on a grey list of countries responsible for terror-financing last year, giving Islamabad with a 27-point action plan to take strict anti-money laundering steps.
Earlier in June, the watchdog gave four months to the country to ensure implementation of the action plan.
Placing a country on blacklist usually results in economic sanctions and trade penalties imposed and implemented by the G-7 countries. No sanctions are placed on a grey-listed country.
- Pakistan extends Benazir Kafalat Programme to transgender community11:17 PM | 3 Dec, 2022
- Security forces kill terrorist commander in North Waziristan10:50 PM | 3 Dec, 2022
- Iqra Aziz has the sweetest birthday wish for Yasir Hussain10:25 PM | 3 Dec, 2022
- Emirati themed Jazz and Opera concerts captivate visitors to ...09:59 PM | 3 Dec, 2022
- 'Mastermind' of Sidhu Moose Wala’s murder detained in USA07:56 PM | 3 Dec, 2022
- Armeena Khan claps back at haters trolling her for her maternity ...09:22 PM | 3 Dec, 2022
- Karachi among world’s least expensive cities in new report09:30 PM | 2 Dec, 2022
- Timeline of Pakistan Army Generals during country’s 75 year-long ...10:28 AM | 29 Nov, 2022
- Only two Pakistani universities make it to Asia’s top 10003:15 PM | 10 Nov, 2022
- Pakistanis named among 'The World's Most Influential 500 Muslims'10:16 PM | 2 Nov, 2022