Islamabad: The Financial Action Task Force (FATF) has extended the deadline for the country till the next plenary meeting, urging Islamabad to ensure compliance of 27-point action plan by then.
The extension in deadline of review of Pakistan’s progress to counter money-laundering and terror financing because of the ongoing outbreak of coronavirus pandemic, made it almost impossible for assessed jurisdiction and assessors alike to conduct on-site visits and in-person meetings.
“The gravity of the COVID-19 situation globally and the consequent COVID-19 related measures that countries have adopted, such as confinement and travel restrictions, are making it impossible to assessors to conduct on-site and in-person processes. The FATF acknowledges these severe challenges that countries face at this difficult time”, an FATF statement said.
“The FATF Plenary has therefore agreed to temporarily postpone all remaining FATF mutual evaluations and follow-up deadlines.”
The next plenary meeting will be held after four months in October.
The COVID-19 pandemic has come to rescue Pakistan this time as the Imran Khan led government is still falling short on compliance of the action plan, handed by the FATF to comply and curb the menace of terror financing and money-laundering.
The Pakistan government is yet to pass amendments into its Anti-Money Laundering (AML) and Foreign Exchange Regulation laws from Parliament for complying with the FATF conditions.
Pakistan is also yet to incorporate amendments related to Anti-Terrorism Act (ATA), which would ensure recorded and presentable steps taken to satisfy FATF on its progress.
The FATF had placed Pakistan on the grey list in June 2018, placing at least 27 conditions for compliance review on September 2019.
Since then, Pakistan has been given extensions at least thrice of three months each as Islamabad failed to comply with the conditions, required to ensure its name is removed from the grey list.