Pakistan needs legislation to meet three outstanding FATF benchmarks: Report
Pakistan has been scrambling in recent months to avoid being added to a list of countries deemed non-compliant with anti-money laundering and terrorist financing regulations.
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ISLAMABAD: Pakistan will have to make further legislation on at least two counts to meet three outstanding benchmarks of the 27-point action plan of the global money laundering and terrorist financing watchdog FATF before the new June deadline, a media report said on Tuesday.
The Paris-based Financial Action Task Force (FATF) placed Pakistan on the grey list in June 2018 and asked Islamabad to implement a plan of action to curb money laundering and terror financing by the end of 2019 but the deadline was extended later on due to COVID-19 pandemic.
Pakistan will have to make further legislation on at least two counts to meet three outstanding benchmarks of the 27-point action plan of the global money laundering and terrorist financing watchdog FATF before the new June deadline, a media report said on Tuesday. The Paris-based Financial Action Task Force (FATF) placed Pakistan on the grey list in June 2018 and asked Islamabad to implement a plan of action to curb money laundering and terror financing by the end of 2019 but the deadline was extended later on due to COVID-19 pandemic. The new deadline was set by the FATF last month.
Pakistan has been scrambling in recent months to avoid being added to a list of countries deemed non-compliant with anti-money laundering and terrorist financing regulations by the FATF, a measure that officials here fear could further hurt its ailing economy.
If FATF finds that Pakistan has failed to meet its requirements, there is every possibility that the global body may put the country on 'Black List' along with North Korea & Iran.
Legislation still needed to meet FATF benchmarks - Pakistan dawn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dawn.com Daily Mail and Mail on Sunday newspapers.
Pakistan needs legislation to meet three outstanding FATF benchmarks: Report thehindu.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindu.com Daily Mail and Mail on Sunday newspapers.