The Financial Action Task Force (FATF) has in its recent statement has once again warned Pakistan of dire consequences as it has failed to complete its action plan on terror financing . In a warning, It has asked Islamabad to meet its commitment by October or face action, which could possibly lead to the country getting blacklisted.
According to a report by PTI, the Paris-based global body is working to curb terrorism financing and money laundering and has asked Pakistan to reassess the operation of banned terrorist outfits in the country.
In June, 2018, the FATF placed Pakistan on the grey list of countries whose domestic laws are considered weak to tackle the challenges of money laundering and terrorism financing.
In a statement issued at the conclusion of its Plenary meeting in Orlando, Florida, the FATF expressed concern “that not only did Pakistan fail to complete its action plan items with January deadlines, it also failed to complete its action plan items due May 2019”.
The FATF “strongly” urges Pakistan to swiftly complete its action plan by October, 2019 when the last set of action plan items are set to expire.
“Otherwise, the FATF will decide the next step at that time for insufficient progress,” the international financial body said leaving a strong warning to Pakistan.