Pakistan to Implement FATF Plan of Action by February 2020

ISLAMABAD: Pakistan is committed to fully implementing its action plan to counter money laundering and terrorist financing by February 2020 and get the country out of the Financial Action Task Force’s (FATF) grey list, a government adviser said.

On October 18, Financial Action Task Force, the global watchdog for money laundering and terrorist financing, gave Pakistan a four-month lifeline, urging Islamabad to fulfill its commitments by February 2020, Dawn news reported. Speaking to the US-based Pakistani media, Financial Adviser Abdul Hafeez Shaikh also highlighted the government’s efforts to revive the national economy.

“Basically, all government institutions are on the same page on this issue. We will make the decisions that we need to fight money laundering and terrorist financing,” said the adviser while responding to a question about the Financial Action Task Force deadline.

Financial Action Task Force also warned Pakistan that failing to fulfill its commitments to this international monitoring agency could put the country back on a list of jurisdictions branded as uncooperative and tax havens for terror funding.

Popularly known as the blacklist, the placement could lead to punitive action, including the Financial Action Task Force urging all jurisdictions to watch their transactions with Pakistan. (IANS)

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