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Islamabad: Pakistan won an extra four months to meet international anti-terrorism financing norms on Friday when a global dirty money watchdog decided to keep the country off its blacklist for now.

After Pakistan missed multiple previous deadlines, the Financial Action Task Force said it is concerned that Islamabad has again failed to complete an internationally agreed action plan. "The FATF strongly urges Pakistan to swiftly complete its full action plan by June 2020," the FATF said in a statement issued after a meeting in Paris. "Otherwise, should significant and sustainable progress especially in prosecuting and penalizing TF (terrorism financing) not be made by the next Plenary, the FATF will take action," it warned, adding that such action could include calling on its member states to order their financial institutions to give particularly rigorous attention to business relations and transactions with Pakistani clients.

A statement issued by the Finance Division said the FATF has decided to maintain Pakistan's status on its 'grey list' of countries with inadequate control over curbing money laundering and terrorism financing until June, when the next review will take place. "FATF members agreed to maintain Pakistan's status on FATF's Compliance Document, normally referred [to] as the Grey List," the press release issued after the conclusion of the six-day FATF plenary meeting in Paris said.

The Finance Division pointed out that during the last reporting period, Pakistan made 'significant progress' in the implementation of the 27-point FATF Action Plan, which was demonstrated by the completion of nine additional action items. "FATF reviewed progress made by Pakistan towards implementation of the action plan. While acknowledging the steps taken by Pakistan towards implementation of [the plan] and welcoming its high-level political commitment, FATF highlighted the need for further actions for completing the Action Plan by June 2020," the handout said.

It emphasised that the government 'stands committed for taking all necessary action' in order to complete the remaining items in the action plan and that a strategy in this regard has been formulated and is being implemented.

With a minimum of three votes by FATF members needed to avoid the organization's blacklist, Pakistan has been able to avoid punishment so far thanks to support from major ally China and other friendly countries including Malaysia and Turkey.

The Chinese foreign ministry...