ISLAMABAD: Financial Action Task Force (FATF) will announce its decision today regarding Pakistan whether to remain it on gray list or not .
The decision will be announced on Friday at the end of the FATF plenary, which is currently ongoing in the French capital of Paris.
Pakistan is expected to avoid the Financial Action Task Force’s (FATF) blacklist as it garnered the support
of allies — Malaysia, Turkey, and China — during the watchdog’s plenary meeting.
FATF, also known by its French name Groupe d’action financiere, is an intergovernmental organisation founded in 1989 on the initiative of the G7 to develop policies to combat money laundering.
The FATF plenary pored over a report submitted by Pakistan detailing progress on the implementation of the 27- point Action Plan, according to sources in the finance ministry.
Noting compliance on 14 points, the global financial watchdog agreed to give Pakistan more time – until October 2020 – to fully comply with the remaining 13 points. Until then, Pakistan will remain
on the “grey list”. The decision will formally be announced on Friday.
The sources said that the meeting has asked Pakistan to improve prosecution and conviction in terror-financing cases. It has also called for effective legislation to curb money laundering.
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