E-Paper PDF 19 October (KHI)

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Saturday, 19 October, 2019 I 19 Safar-ul-Muzaffar, 1441 I Rs 17.00 I Vol X No 109 I 16 Pages I Karachi Edition

PakisTan To remain on FaTF grey lisT Till Feb 2020 T PARIS

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he Financial Action Task Force (FATF)– an inter-governmental body that combats money laundering, terrorist financing and threats to the international financial system – has decided to keep Pakistan on its grey list for another four months. The decision was taken at the end of the FATF meeting that was held in Paris from October 13 to October 18. Pakistan has been given till February 2020 to fully implement the FATF’s 27-point action plan. During the meeting, a Pakistani delegation led by Minister for economic Affairs hammad Azhar presented its compliance report.

“Despite a high level commitment by Pakistan to fix these weaknesses, Pakistan has not made enough progress,” Xiangmin Liu, president of the FATF, said in Paris. “If by February 2020 the country has not made significant progress, we will consider further actions which potentially could include placing the country… on the blacklist,” he said. Only two countries, North Korea and Iran, are on the FATF blacklist, which severely crimps their access to the global financial system as well as international aid. The Pakistani government has demonstrated strong political will to implement its action plan,” Liu said. “We will provide all the necessary training and assistance, and we have called on our members and our global network to help in that regard,” he added. The FATF, in its statement, said that the country has

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made major progress on only five of 27 action items, with varying levels of progress made on the rest of the action plan. “Since June 2018, when Pakistan made a high-level political commitment to work with the FATF and the Asia-Pacific Group (APG) to strengthen its anti-money laundering (AML) and counter-terror financing (CTF) regime and to address its strategic counter-terrorist financing-related deficiencies, Pakistan has made progress towards improving its AML/CFT regime, including the recent development of its money laundering/terror financing risk assessment,” read the statement. earlier, Pakistan had failed to meet the January and May deadlines set by the FATF for implementing its action plan.

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watchdog SayS country haS made major ProgreSS on only Five oF 27 action itemS Finance miniStry SayS PakiStan inFormed FatF about itS Political commitment to Fully imPlement action Plan


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E-Paper PDF 19 October (KHI) by Pakistan Today - Issuu