Pakistan to continue on FATF grey list, gets four months to act

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The Financial Action Task Force (FATF) on Friday retained Pakistan on the Grey List and warned the country to complete its full action plan by February 2020.

The FATF noted that Pakistan was able to address only five out of 27 suggested action given to it in controlling funding to terror groups.

The international watchdog warned Pakistan that if it did not complete its full action Plan by February next year and show significant and sustainable progress action will be taken.

“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, which could include the FATF calling on its members to advise their financial institutions to give special attention to business relations/transactions with Pakistan, the FATF said on Friday.

Pakistan was placed on the Grey List by the watchdog in June last year and was given 15 months to complete the implementation of point action plan, failing which it be placed in the Black List.