Fear of placing the country in FATF blacklist, Pakistan submits compliance report

Islamabad: Pakistan who is on the verge of being placed on the FATF blacklist with Iran and North Korea, the country has submitted its compliance report to the Paris-based Financial Action Task Force (FATF) with an effort to change anti-money laundering and counter-terrorist financing laws.

The watchdog had already granted an extension till February 2020 in a meeting in October this year. It had put the country on its grey list for an extended period up to February 2020 with a warning of putting it on the blacklist if it did not comply with the remaining 22 out of 27 points related to anti-money laundering and counter-terrorist financing.

However the first formal response from the FATF is expected by the end of this month.

“The face to face meeting is expected to be held in Sydney in early January 2020 where Pakistani delegation will be given an opportunity to defend its submitted compliance report,” a source was quoted as saying.

The diplomatic support from China, Turkey, Malaysia, Saudi Arabia and Middle East countries helped Pakistan to escape from the blacklist.

In February 2020, FATF’s plenary review meeting will take place in Paris and the final outcome of the country will be known at that time.


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