FATF Official Announcement Pakistan will remain on Grey List until FEB 2020

Pakistan to take more measures for complete elimination of terror financing and money laundering. The Task force

Paris: The Financial Action Task Force (FATF) on Friday formally announced that Pakistan will remain on its grey list for the next four months.

The task force directed Pakistan to take more measures for complete elimination of terror financing and money laundering.

“The FATF strongly urges Pakistan to swiftly complete its full action plan by February 2020,” it said in a statement.

“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.”

“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,” read the statement.

At the October 2019 plenary, according to the statement, the country reiterated its political commitment to completing its action plan and implementing AML/CFT reforms.