FATF warns Pakistan: ‘Move swiftly or face blacklisting’

FRANCE: Financial Action Task Force (FATF) Рa global anti-money laundering watchdog that also turns its scanner to money laundering as a means to finance terror activities across the world, has indicted Pakistan for failing to deliver on most of its 27 targets and not putting a stop to terror financing.

Retaining Pakistan on Grey List, FATF has given time till February 2020 with a stern warning that read, “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.”

Out of given 27 targets, Pakistan addressed only five, the FATF noted expressing serious concern with the overall lack of progress in addressing its transnational risks.

The moment a nation gets put in the Black List, it invites immediate economic sanctions and punishment – borrowing will become difficult, non-banking financial institutions will come under financial scrutiny and bailouts and IMF packages will become harder to access.

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