Saturday, June 22, 2019 Last Updated 0 Min 24 Sec ago Malayalam Edition
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Saturday 22 Jun 2019 09.42 AM

FATF tells Pak to curb terror financing by October or face consequences

FATF, Pak,

Florida : The Financial Action Task Force (FATF) on Friday told Pakistan to "swiftly" complete its action plan to curb terror financing by October or face consequences. The warning was made in a statement issued by the financial watchdog following a plenary meeting in Orlando here. Pakistan is currently on the "grey list" of countries that have been inadequate in curbing money laundering and terror financing. The country has already missed two prior deadlines -- in January and May 2019 -- to complete their action plan, as per Pakistani media reports.

"The FATF strongly urges Pakistan to swiftly complete its action plan by October 2019 when the last set of action plan items are set to expire...Otherwise, the FATF will decide the next step at that time for insufficient progress," the organisation stated. India has previously urged the FATF to put Pakistan on a blacklist of countries that fail to meet international standards in stopping terror financing following the listing of Pakistan-based Jaish-e-Mohammed chief Masood Azhar as a global terrorist by the United Nations.

At least three FATF member countries need to support Pakistan to avoid being blacklisted. Quoting a Pakistani official, Anadolu Agency reported that China, Turkey and Malaysia have supported Pakistan, ensuring that "there is no imminent threat of blacklisting" by FATF.

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Saturday 22 Jun 2019 09.42 AM
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