Financial Action Task Force (FATF) has extended its deadline for complying conditions for Pakistan till September 2020 amidst the spread of the deadly COVID-19 virus around the world.
According to a report by a local media outlet, the Financial Action Task Force (FATF) has extended the deadline for up to three months from June 2020.
A top official of the Finance Division confirmed that the FATF’s regional body, the Asia Pacific Group, conveyed its decision to the Financial Monitoring Unit (FMU) for postponement of the Joint Working Group meeting for all countries due to the outbreak of COVID-19 virus.
He stated that this includes Pakistan as well, as the meeting was scheduled to be held in Beijing in May 2020.
The official stated:
Instead of May/June, now the face-to-face meeting and plenary meeting is expected to take place in August/September 2020.” This may benefit Pakistan in terms of extending the period by three months.
Pakistan had to submit the progress report to the joint working group (JWG) of FATF till April 15, 2020, but now Islamabad will have to make a progress report for submission till July 2020.
FATF had placed Pakistan on the grey list in June 2018 with 27 conditions for compliance in one year, till Sept 2019. Pakistan has been given two extensions of three months to comply with 27-point action plans.
Out of the 27-point action plan, the watchdog had so far declared Pakistan fully compliant on 14 points and now given it another deadline of June 2020 to comply with the rest. Now this deadline has further been extended up to September 2020.