Pakistan to implement FATF action plan by February: Hafeez.

Byline: Anwar Iqbal

WASHINGTON -- Pakistan is committed to fully implementing its action plan to counter money laundering and terrorist financing by February next year and there's no disagreement among various governments' institutions on this matter, says Financial Adviser Abdul Hafeez Shaikh.

A global watchdog for money laundering and terrorist financing - the Financial Action Task Force (FATF) - gave Pakistan a four-month lifeline on Friday, urging Islamabad to fulfil its commitments by February 2020.

Speaking to the US-based Pakistani media on Sunday evening, Mr Sheikh also highlighted the government's efforts to revive the national economy.

'Basically, all government institutions are on the same page on this issue. We will take the decisions that we need to fight money laundering and terrorist financing,' said the adviser while responding to a question about the FATF deadline.

FATF also warned Pakistan that failing to fulfil its commitments to this international monitoring agency could put the country back on a list of jurisdictions branded as uncooperative and tax havens for terror funding.

Popularly known as the blacklist, the placement could lead to a punitive action, including the FATF urging all jurisdictions to watch their business relations and transactions with Pakistan.

In 2012, Pakistan was placed on the so-called grey-list of countries considered uncooperative and tax havens for terror funding. It remained on this list till 2015. Pakistan was replaced on the gray-list on June 29, 2018, and given 15 months to implement a 27-point action plan agreed with the FATF.

The Paris-based FATF reviewed the measures PakAistan has taken so far in a five-day plenary at its headquarters, which concluded on Friday. RepresenAtatives from 206 countries and jurisdictions around the world took part in the meeting.

Responding to a question at his news briefing at the Pakistan Embassy in Washington, Mr Shaikh said in an earlier meeting, the FATF had only recognised progress in five of the 27 recommended measures. 'Now, it has recognised progress in 22, which shows we are steadily implementing the plan. We are committed to completing the plan by February,' he added.

Mr Shaikh disagreed with the suggestion that the FATF proposed measures had stymied the national economy. 'Those measures are for preventing money laundering and terrorist financing and are not linked to economic growth,' he said.

The adviser said that he visited Washington to attend...

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