FATF extends action plan deadline for Pakistan till October 2020

FATF extends action plan deadline for Pakistan till October 2020

The Financial Action Task Force (FATF) has extended the deadline for Pakistan to achieve all 27 points of its action plan until October this year.

According to details, Pakistan will have to ensure compliance by October instead of 30th April. The extension has been granted on account of the difficulty being faced by Pakistan due to the coronavirus lockdown imposed in the country.

The FATF had placed Pakistan on the grey list in June 2018 and placed 27 conditions to be reviewed for compliance in one year, till September 2019. Pakistan was so far given two times an extension of three months, every time to comply with 27-point action plans.

Out of the 27-point action plan, FATF had so far declared Pakistan fully compliant on 14 points and set a deadline of June 2020 for complying on the remaining 13 points in a bid to ensure exit from the grey list of the watchdog.

According to sources, legislations to prevent the illegal outflow of the US Dollar, such as needing SBP approval before taking amounts over $10,000 abroad, have already been passed. FATF has also been made aware of the fact that Pakistan has frozen accounts of various banned organizations and convicted individuals related to them.

Officials say that various departments and ministries are in contact through video link and steps to comply with FATF guidelines are being taken as quickly as possible.

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