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Terror Funding: FATF gives Pakistan 4-month grace period

The international watchdog on terror funding and money laundering Financial Action Task Force (FATF) has given Pakistan a ultimatum. The international body has decided to give Pakistan a four month’s grace period.

FATF warned that Pakistan could be put in the blacklist of nations if failed to fight money laundering and terror financing.

“Despite a high level commitment by Pakistan to fix these weaknesses, Pakistan has not made enough progress,” Xiangmin Liu, president of the Financial Action Task Force (FATF), said in Paris. “If by February 2020 the country has not made significant progress, we will consider further actions which potentially could include placing the country… on the blacklist,” Xiangmin Liu added.

Pakistan has been on the FATF’s grey list since 2018. Pakistan had been on the FATF blacklist for years before it was removed in 2015 following “significant progress” in fighting terror financing. China, Turkey and Malaysia has supported Pakistan.

Only two countries, North Korea and Iran, are on the FATF blacklist, which blocks  their access to the internationalfinancial system as well as international aid.

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