NewDelhi: News Agecy had reported that Terror Funding Watchdong FATF had given a fresh deadline to Pakistan till February 2020 to act against terror funding. Islamabad got the four months time after it was warned of action if it fails to complete its full action plan.
Notable that Pakistan is already in the "grey list" of countries whose domestic laws are considered weak to tackle the challenges of money laundering and terrorism financing.
Financial Action Task Force FATF is a Paris basedtask force and it will take a final decision on Pakistan position in February next year.
On Friday, FATF said, "Strongly urge 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 next Plenary, the FATF will take action including urging members to advise their financial institutions to give special attention to business relations/transactions with Pakistan.”
The FATF is an inter-governmental body established in 1989 to combat money laundering, terrorist financing and other related problems that are a threat to the integrity of the international financial system.
The meeting hd been atteended by representatives of 205 countries, the International Monetary Fund (IMF), the United Nations, the World Bank and other organisations. India and other member countries of the FATF have charged
Pakistan with failing to take concrete action against Hafiz Saeed, Maula Masood Azhar and other UN-designated terrorists, pointing out that its anti- terror law still remains out of sync with standards set by the international body.
Pakistan was placed on the "Grey List" by the FATF in June last year and was asked to complete a plan of action by October 2019, or face the risk of being placed on the blacklist along with Iran and North Korea.
Bureau Report
Leave a Reply