Pakistan escapes FATF blacklisting by four more months
New Delhi: Pakistan managed to escape blacklisting by Financial Action Task Force (FATF), but was charged for failing to meet 23 out of 27 targets after the latest review by the terror watchdog.
The FATF after a discussion allowed Pakistan a breather of four more months to take action for countering terror financing and money laundering (CFT/AML).
According to media reports, Pakistan was saved by its ally China which is currently in the FATF chair and was allowed to mend its ways by Feb 2020.
The FATF plenary said in a statement: "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,"
After the current review, Indian officials have said that the evidence against Pakistan is so strong that even China will not be able to save it from being blacklisted in Feb 2020, CNN-News18 reported.
"Pakistan needs to do more and faster. If by February 2020 it doesn't make significant progress, Pakistan will be put in the 'Black List’,” FATF President Xiangmin Liu was quoted as saying by CNN-News18.
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