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Outlook 2020: Pakistan likely to be granted further extension by FATF

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January 1, 2020 (MLN): Pakistan failed to impress the Financial Action task Force with the measures it took to combat money laundering and terror financing, resulting in its status being maintained under the grey list until the next meeting slated to take place in February, 2020.

While some spectators have opined that it is practically impossible for Pakistan to comply with the conditions of FATF in the given deadline, others have stated that it might actually be successful in evading the blacklist. For the time being, it is being expected that the country might be handed over another extension by the decision-making body of FATF.

A recent report covered by Topline Securities states that there are a number of reasons due to which FATF might be willing to extend further time to Pakistan. One is, of course, the unrelenting efforts of the government to curb money laundering and terror financing, which we all are quire privy of. Another reason is that putting Pakistan’s name under the blacklist may have grave repercussions for not just the country but for the entire world economy.

Lest the country fails to comply with the conditions, the FATF will be left with no other choice but to call on its members and urge all jurisdictions to advise their FIs to give special attention to business relations and transactions with Pakistan.

To date, Pakistan has only largely addressed five of 27 action items, with varying levels of progress made on the rest of the action plan, the official statement explicitly mentioned.

Pakistan is expected to submit its final case to the FATF by next week, with Minister for Economic Affairs Hammad Azhar leading the meeting. Another meeting with the APG is set to happen between January 21 and 24, wherein further discussion on Pakistan’s performance will take place.

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Posted on: 2020-01-01T15:34:00+05:00