The Financial Action Task Force (FATF) gave a fourth extension to Pakistan to fully implement a 27-point action plan and urged it to fulfill the remaining three conditions about terror financing investigations and the United Nations Security Council resolutions.
Pakistan has completed almost 90% of its current FATF action-plan with 24 out of 27 items rated as ‘largely addressed’ and the remaining 3 items ‘partially addressed’.
A statement issued by the FATF from Paris said that Pakistan would remain on the grey list till June 2021.
“The FATF takes note of the significant progress made on the entire action plan. To date, Pakistan has made progress across all action plan items and has now largely addressed 24 of the 27 action items.”FATF said.
The FATF issued the statement after its second Plenary of the FATF under the German Presidency of Dr. Marcus Pleyer that took place on 22, 24, and 25 February. Due to the ongoing Covid-19 pandemic, the Plenary met virtually for the third time.
A Finance Ministry handout said that the FATF has appreciated Pakistan for the significant progress made on the entire action plan.
“Pakistan has undertaken enormous work to strengthen its AML/CFT regime and address the strategic counter-terrorist financing-related deficiencies.”The ministry said.
Federal Minister for Industries and Production Hammad Azhar said that Pakistan had completed almost 90% of its current FATF action plan with 24 out of 27 items rated as ‘largely addressed’ and remaining three items partially addressed.