FATF action plan to be implemented by February: Hafeez

WASHINGTON: Pakistan is committed to thoroughly implementing its action plan to counter money laundering and terrorist financing by February next year and there’s no disagreement among various government institutions on this matters, says Financial Adviser Abdul Hafeez Shaikh.

The Financial Action Task Force (FATF) gave Pakistan four months on Friday, to fulfil its commitments by February 2020.

Speaking to the media, Mr Sheikh underlined the efforts made by the government 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 in response to a question about the FATF deadline.

Pakistan will be put back on a list of jurisdictions branded as uncooperative, and tax havens for terror funding if it fails to fulfil its commitments to the international monitoring agency.

Blacklisting will invoke punitive actions including the FATF urging all jurisdictions to watch their business relations and transactions with Pakistan.

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