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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. ....
With its plenary beginning on Monday Pakistan may remain in the grey list of the Financial Action Task Force (FATF) though the authorities assert that the country qualifies to be moved out on merit, Dawn reported. As per the report, background discussions with key officials and foreign diplomats suggest that the jury is divided with the authorities claiming sufficient progress to be confident of a positive outcome but some diplomats suggesting that even in the best case scenario Pakistan would remain in the increased monitoring list (grey list) until June. Ahead of the plenary, the FATF updated the overall performance of all countries. Based on this update, Pakistan has been shown improving compliance on two out of the 40 recommendations of the FATF on effectiveness of anti-money laundering and combating financing terror (AML/CFT) systems. It finds Pakistan s progress non-compliant on four counts, partially compliant on 25 counts and largely compliant on nine recommen ....