FATF Grey List: Pakistan Given 3 Months To Comply With Conditions
The Financial Action Task Force (FATF) has asked Pakistan to pass amendments in the Anti Money Laundering and Foreign Exchange Regulation laws within the next three months to comply with the conditions set forth by the task force.
According to the The News, the financial watchdog has allowed Pakistan an extension in the deadline till the next plenary meeting, which is scheduled for October 2020.
The report added that the financial ministry, upon contact, confirmed the extension in the deadline. According to the government, it is working to bring the said changes in certain different laws. It intends to pursue the said legislative actions in a vigorous manner.
On April 7, the FATF extended the deadline for submitting the performance report for five months in view of the coronavirus pandemic. The report is to comprise details on 13 targets to counter money laundering and terror financing in the country.
In June 2018, the Paris-based global watchdog placed Pakistan on the grey list and placed 27 conditions for review and compliance in one year, till September 2019. Out of the 27-point plan, the FATF has declared Pakistan fully compliant on 14 points. And, the country now needs to comply on the remaining 13 points to make an exit from the grey list.