Earlier, Pakistan managed to escape from falling into the blacklist due to the diplomatic support from China, Turkey, Malaysia, Saudi Arabia and the Middle East countries
Islamabad: Facing the risk of being placed on the FATF blacklist along with Iran and North Korea, Pakistan has submitted its compliance report to the Paris-based Financial Action Task Force (FATF) showing its efforts to change anti-money laundering and counter-terrorist financing laws.
According to The News International, Minister for Economic Affairs Hammad Azhar, Pakistan has submitted the compliance report before the joint group of FATF to show its efforts to change anti-money laundering and counter-terrorist financing laws. There will be a response from them and then (there will be) a face-to-face meeting.
Islamabad hopes that the watchdog extends the current deadline of complying to FATF's 27 action plans from February to June 2020 in its upcoming plenary review meeting as the current deadline will probably prove too short.
The FATF had already granted an extension until February 2020 in a meeting in October this year. The task force kept the country on its grey list for an extended period up to February 2020. It warned that Islamabad would be put on the blacklist if it did not comply with the remaining 22 out of 27 points related to anti-money laundering and counter-terrorist financing.
The first formal response from the FATF is expected by the end of the month.
FATF's plenary review meeting is scheduled to take place in February 2020 in Paris to decide the fate of the country.
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Last Updated 4, Dec 2019, 2:14 PM