The Financial Action Task Force (FATF) has avoided blacklisting Pakistan and decided to keep the nation in its Grey List till February 2020, directing Islamabad to take extra measures for complete elimination of terror financing and money laundering. "(FATF) strongly urge 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 next plenary, the FATF will take action, including urging members to advise their financial institutions to give special attention to business relations/transactions with Pakistan," the FATF warned in its advisory to India's neighbour state.
Speculations were rife that while the US pushed for blacklisting Pakistan owing to its poor performance in curbing terrorism, China, which is at the helm of the FATF for now, had prevented the move allowing Pakistan more time in bringing out a complete action plan. Reportedly, Pakistan garnered enough support against its blacklisting from Turkey and Malaysia, also members of FATF, as well.
The FATF is an inter-governmental body established in 1989 to combat money laundering, terrorist financing and other related threats to the integrity of the international financial system.
In a meeting in Paris on Tuesday, the FATF reviewed the measures that Pakistan has already taken to control money laundering and terror financing, reported Dawn News.
The Paris-based task force has urged Pakistan to take extra measures for complete elimination of terror financing, it quoted Aaj TV.
The FATF will take a final decision on Pakistan's position in February 2020. A formal announcement about the interim developments was made on Friday, the last day of the FATF's ongoing session.
