FATF extends deadline to Pakistan

ISLAMABAD: In the aftermath of the spread of deadly COVID-19 virus in different parts of the world, the Financial Action Task Force (FATF) has extended its deadline for complying conditions for Pakistan for three months up to September from earlier June 2020.

One top official of the Finance Division confirmed to The News on Tuesday that the FATF’s regional body, the Asia Pacific Group, conveyed its decision to the Financial Monitoring Unit (FMU) for postponement of the Joint Working Group meeting for all countries, including Pakistan, scheduled to be held in Beijing in May 2020 due to the outbreak of COVID-19 virus. “Instead May/June, now the face-to-face meeting and plenary meeting is expected to take place in August/September 2020,” said the official and added this meeting was postponed for all other countries also, so it was going to benefit Pakistan in terms of extending the period by three months.

The FATF had placed Pakistan on the grey list in June 2018 and placed 27 conditions for review for complying in one year, till Sept 2019. Pakistan was so far given two times 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 now there was the deadline of June 2020 for complying on the remaining 13 points in a bid to ensure exit from the grey list of the watchdog. Now this deadline has further been extended up to September 2020.

Pakistan was bound to submit its progress report to the joint working group (JWG) of FATF till April 15, 2020 but now Islamabad would have to make progress report for submission till July 2020.