ISLAMABAD: Financial Action Task Force (FATF) on Friday set a deadline of four months for Pakistan to improve action plan against laundering and terror financing.
At a press conference in Paris, France the officials of FATF expressed concerns over implementation of action plan by the Pakistani authorities.
FATF strongly urged 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 the next Plenary.
It has been observed that action taken by Pakistan was not sufficient to address its Terror Financing risks. These include remaining deficiencies in demonstrating a sufficient understanding of Pakistan’s transnational Terror Financing risks.
Pakistan’s failure to complete its action plan in line with the agreed timelines and in light of the terror financing risks emanating from the jurisdiction.
To date, Pakistan has only largely addressed five of 27 action items, with varying levels of progress made on the rest of the action plan.
In a statement, the ministry of finance said that the FATF Plenary meeting was held in Paris from 13-18 October 2019. The Pakistan delegation was led by Muhammad Hammad Azhar, Minister for Economic Affairs Division.
The FATF meeting considered Pakistan’s progress report on the FATF Action Plan and Pakistan’s APG Mutual Evaluation report (MER).
Pakistan’s delegation reaffirmed its political commitment to fully implement the Action Plan.
The Plenary meeting decided to maintain status quo on the FATF Action Plan and allow the usual 12 months observation period for the APG MER.
The delegation also held sideline meetings with various delegations and briefed them about the progress made by Pakistan on the FATF Action Plan and steps taken for strengthening its AML/CFT framework.
A session on technical assistance and training needs of Pakistan was also organized in collaboration with UNODC and APG Secretariat which was attended by a number of interested countries and multilateral agencies including China, USA, UK, Canada, Japan, EU, World Bank, IMF, ADB, and UNODC.