FATF Extended Deadline for 4 Months Due to COVID-19, Pakistan Gets 4 More Months

Islamabad (A Correspondent): Financial Action Task Force (FATF) postponed preliminary meeting and extended all deadlines for four months due to COVID-19.

FATF press release stated : The FATF Plenary has agreed to temporarily postpone all remaining FATF mutual evaluations and follow-up deadlines.” “Likewise, the FATF has decided on a general pause in the review process for the list of high-risk jurisdictions subject to a call for action and jurisdictions subject to increased monitoring, by granting jurisdictions an additional four months for deadlines.”

Pakistan’s performance was to be assessed at review meetings to be held in Beijing during June 21-26. The review is now expected to be done in October.

FATF press release further stated: “The gravity of the COVID-19 situation globally and the consequent COVID-19 related measures that countries have adopted, such as confinement and travel restrictions, are making it impossible for assessed jurisdictions and assessors alike to conduct on-site visits and in-person meetings. This situation has significantly impacted countries’ ability to actively participate in mutual evaluation and related follow-up processes. The FATF Plenary acknowledges these severe challenges that countries face at this difficult time.”

The Financial Action Task Force (FATF) in February reviewed Pakistan’s case and extended deadline till June. Turkey and China played vital role in keeping Pakistan in the grey list while India made all futile efforts to push Pakistan in the black list. Pakistan has four more months now to comply all 27 points FATF action plan.

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