For Pakistan the couple of months from now would be a sensitive time as it may face blacklisting by the Financial Action Task Force (FATF) in the next plenary session. A deadline of February 2020 has been provided for the country to swiftly complete its full action plan.
Pakistan’s performance on 27-point action plan was poor and a doubtful phase is in the air whether FATF would retain the country in grey list.
According to the financial organization the Imran Khan-led government addressed just 5 out of 27 tasks which were given to it for controlling funding to Jaish-e-Mohammad, Lashkar-e-Taiba and other terror outfits based in Pakistan.
An official said, “If significant and sustainable progress was not made across the full range of its action plan by next planery in February 2020, the FATA will take action.”
Similar to Iran, which is on the financial watchdog’s black list now, Pakistan could defamed on international platform. Global financial institutions could be warned to give special attention to the country to have business relations and transactions with it.
FATF placed the cash-strapped nation on the grey list last June and fifteen months time-frame was given to complete implementation of a 27-point action plan.
If Pakistan remains in the grey list the Imran Khan-led government could find difficulties in getting financial aid from global money lenders like World Bank and International Monetary Fund (IMF).
FATF was founded in 1989 to combat money laundering. Its Secretariat is at the OECD headquarters in Paris, France.
