Pakistan likely to get four-month extension to ensure FATF compliance


ISLAMABAD:     The Financial Action Task Force plenary meeting in Paris will issue an official statement Friday (today) to decide whether Pakistan will stay on its grey list or be placed on its black list.
However, reports say the country has been granted another four months on the grey list. Pakistan will have this time to fully comply with all 27 set targets to ensure anti-money laundering and countering terror financing before it can be given white list status.
In the meeting that has been going on for the past four days, Malaysia, Turkey and China have lobbied against putting Pakistan on the black list, which would have had serious economic implications for the country.
Pakistan has been on the grey list since June 2018 and countries have two years on the grey list before, depending on their compliance and support from other nations, their fate is decided.
Pakistani authorities have introduced a number of amendments in the FBR, SECP and SBP regulations while sentencing and clamping down on designated terrorists to gain global confidence. It was acknowledged to be fully or partially compliant on more than half the targets, reports say.
Pakistan, under the lead of Federal Minister for Economic Affairs Hammad Azhar, showed satisfaction on the FATF plenary meeting. The delegation says it’s confident about the response from the members. However, the nations have nonetheless asked for full compliance on all 27 points.