Pakistan’s finance minister Asad Umar has announced that the Financial Action Task Force (FATF) has given Pakistan 15 months to comply with its requirements,

Pakistan was placed on FATF’s grey list in June amidst concerns about the country’s ability to contain terrorist financing and money laundering.

Deficiencies to address

FATF issued a deadline of September 2019 after the global watchdog sent a delegation into Pakistan to advise on how the country can best tighten up its anti-money laundering and counter financing of terrorism (AML/CFT) efforts.

The delegation noted 27 deficiencies that Pakistan needs to address. These mainly related to currency smuggling, money-exchanges and terror financing of proscribed organisations.

Actions identified

Pakistan has formed a National Action Committee to deal with the deficiencies.

According to Umar, actions that need to be taken have been identified to remove the deficiencies.