- Title: Global watchdog gives Pakistan until February to act against terror financing
- Date: 18th October 2019
- Summary: PARIS, FRANCE (OCTOBER 18, 2019) (REUTERS) FINANCIAL ACTION TASK FORCE (FATF) OFFICIALS WALKING TO SEATS FOR NEWS CONFERENCE OFFICIALS TAKING SEATS / FATF PRESIDENT, XIANGMIN LIU, SEATED VARIOUS OF JOURNALIST ASKING QUESTION (SOUNDBITE) (English) FINANCIAL ACTION TASK FORCE PRESIDENT, XIANGMIN LIU, SAYING: "Pakistan agreed to an action plan to fix serious weaknesses against anti-money laundering and terrorist financing framework. Despite a high-level commitment from Pakistan to fix these weaknesses, Pakistan has not made enough progress. Pakistan's action plan deadlines have now expired. While Pakistan has made some tangible progress under its new government, which the FATF welcomes, the majority of the issues under the action plan still remain outstanding, including effective measures to prevent terrorist financing." JOURNALIST ASKING QUESTION OFFICIALS LISTENING (SOUNDBITE) (English) FINANCIAL ACTION TASK FORCE PRESIDENT, XIANGMIN LIU, SAYING: "Pakistan needs to do more, and it needs to do it faster. Pakistan's failure to fulfil the FATF's global standards is an issue we take very seriously. As a result, the FATF is giving this very clear warning. If by February 2020, the country has not made significant progress, we would consider further actions, which could potentially include placing the country on the public statement, often referred to as the blacklist." NEWS CONFERENCE IN PROGRESS
- Embargoed: 1st November 2019 10:57
- Keywords: Pakistan money laundering Financial Action Task Force blacklist terrorism Asia
- Location: PARIS, FRANCE
- City: PARIS, FRANCE
- Country: France
- Topics: Government/Politics
- Reuters ID: LVA001B1MKSP3
- Aspect Ratio: 16:9
- Story Text:Pakistan has until February to improve its counter-terror financing operations in line with an internationally agreed action plan, or face action against it, a global watchdog said on Friday (October 18).
The Paris-based Financial Action Task Force, which tackles money laundering, said it was concerned that Pakistan had failed to complete the action plan first by a January deadline, then a May deadline and now October.
"If by February 2020, the country has not made significant progress, we would consider further actions, which could potentially include placing the country on the public statement often referred to as the blacklist," FATF President Xiangmin Liu said at a news conference.
The FATF already has Pakistan on its "grey list" of countries with inadequate controls over curbing money laundering and terrorism financing. But India wants Pakistan blacklisted, which would likely result in sanctions.
(Production: Thierry Chiarello, Ardee Napolitano, Kathryn Carlson) - Copyright Holder: REUTERS
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