ISLAMABAD: Pakistan has escaped the Financial Action Task Force (FATF) blacklist as the global money-laundering watchdog has given it until February 2020 to meet the standards.
“Pakistan needs to do more and do it faster,” the FATF warned after culmination of its week-long plenary session in Paris on Oct 18. Pakistan risks being placed on terror financing blacklist along Iran and North Korea.
Pakistan will remain in the grey list until February to improve its counter-terror financing operations in line with an internationally agreed action plan or face actions against it, the FATF said.
On Oct 15, a Pakistani delegation led by Minister for Economic Affairs Hammad Azhar told that the FATF had expressed satisfaction on the measures taken by Pakistan and its progress in various areas.
Meeting of the Financial Action Task Force started in Paris on Oct 13 and lasted till Oct 18.
The Pakistani delegation had told the FATF meeting that Pakistan had made positive progress in 20 out of 27 points.
China, Turkey and Malaysia had appreciated the steps taken by Pakistan.
Representatives from 205 countries and jurisdictions around the world, the International Monetary Fund, the United Nations, World Bank and other organizations attended the meeting.
Six days of meetings focused on disrupting financial flows linked to crimes and terrorism and discussed ways to contribute to global safety and security.
On Oct 7, Foreign Minister Shah Mahmood Qureshi had said Pakistan had to a greater extent satisfied the FATF about its seriousness in taking solid measures against money laundering.
“The steps taken by the current government in few months are unmatched in last several years. India wishes Pakistan’s inclusion into the FATF blacklist, but I have firm belief that our stance would have the last laugh,” Shah Mahmood Qureshi had said while talking to media.