FATF extends action plan deadline for Pakistan till October

The Financial Action Task Force (FATF) has decided to extend the deadline for Pakistan to achieve all 27 points of its action plan till October 2020.

According to details, the extension has been granted on account of the difficulty being faced by the Pakistani authorities. In negotiating and coordinating with industries due to the coronavirus lockdown.

Sources say that the deadline to comply with 27 points of the action plan has been extended by seven months. Now, Pakistan will have to ensure compliance by October instead of April 30.

According to sources, legislations to prevent the illegal outflow of the US Dollar. Such as needing SBP approval before taking amounts over $10,000 abroad, have already been passed. FATF has also been made aware of the fact that Pakistan has frozen accounts of various banned organizations. Also convicted individuals related to them.

Officials say that various departments and ministries are in contact through video link. Steps to comply with FATF guidelines are being taken as quickly as possible.

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