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Friday, Nov 15, 2019

FATF to rule on harsher sanctions for Pakistan by Friday

The reports further said that support extended by Turkey, China and Malaysia resulted in the FATF deciding not to include Pakistan on its “black list”.

world Updated: Oct 17, 2019 12:25 IST
HT Correspondent
HT Correspondent
Islamabad
China, Turkey and Malaysia also appreciated the steps taken by Pakistan though some concerns were raised about a tax amnesty scheme offered by the government.
China, Turkey and Malaysia also appreciated the steps taken by Pakistan though some concerns were raised about a tax amnesty scheme offered by the government.(Reuters image)
         

The Financial Action Task Force (FATF) has reviewed steps taken by Pakistan to counter money laundering and terror financing during meetings underway in Paris and is expected to rule on whether harsher sanctions will be imposed on the country by Friday.

A Pakistani delegation led by economic affairs minister Hammad Azhar told the meetings that Islamabad has made positive progress in 20 out of 27 points in an action plan finalised by the intergovernmental watchdog. The FATF expressed satisfaction at the measures and Pakistan’s progress in various areas, according to local media reports.

The reports further said that support extended by Turkey, China and Malaysia resulted in the FATF deciding not to include Pakistan on its “black list”.

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The FATF also gave Pakistan more time to implement outstanding measures, the reports added.

China, Turkey and Malaysia also appreciated the steps taken by Pakistan though some concerns were raised about a tax amnesty scheme offered by the government.

The FATF reportedly said Pakistan will need to take more steps in the next four months to curb terror financing. A final decision on whether Pakistan will be put in the black list will be made in February 2020, according to the media reports.

A formal announcement about all developments will be made on Friday, the FATF has said.

The Dawn newspaper reported that the spokesperson for the finance ministry, Omar Hameed Khan, did not confirm the media reports and only said a complete statement would be available on Friday.

The paper said the Paris-based correspondent of Aaj TV, Younus Khan, reported that the FATF had decided to give an additional four months to Pakistan to help it implement the remaining recommendations.

In August, the Asia Pacific Group (APG), a regional affiliate of the FATF, expressed concern over Pakistan’s performance due to technical flaws.

Islamabad is obliged to report its performance to the APG every three months.