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Pakistan narrowly excluded from FTAF blacklist

20 October 2019, MVT 21:50
A picture taken on October 23, 2018 of Pakistani Prime Minister Imran Khan. (Photo by FAYEZ NURELDINE / AFP)
20 October 2019, MVT 21:50

Financial Action Task Force (FTAF) removed Pakistan from its blacklist of countries judged to be non-cooperative in the global fight against money laundering and terrorist financing,

Despite securing the exclusion and averting serious banking system sanctions, Pakistan remains on the FTAF greylist since its addition in 2018.

During a plenary meeting held in Paris from October 13-18, FTAF stated that Pakistan fully implemented only five of 27 recommended measures. FATF President Xiangmin Liu urged the country to complete its full action plan by February 2020, warning that a failure to do so could lead to inclusion on the blacklist.

“Pakistan needs to do more and it needs to do it faster”, asserted Liu.

The total 27 measures include identification and supervision of terror financing risks as well as upping controls on illicit currency transactions.

According to the International Monetary Fund (IMF), the sanctions that would have accompanied a blacklist position could potentially freeze capital inflows and endanger a USD 6 billion program finalized in May.

FATF is an inter-governmental body created in 1989 to combat money laundering, terrorist financing and other related threats to the integrity of the international financial system.

Following the plenary meeting, Pakistani Foreign Minister Shah Mehmood Qureshi assured that the country would meet all FTAF targets by the deadline.

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