PARIS: The Financial Action Task Force (FATF) on Friday expressed concern over Pakistan's failure to complete its action plan in line with the agreed timelines against terrorist-financing (TF) and "strongly urged" Islamabad to complete its full action plan by June 2020.
"All deadlines in the action plan have expired. While noting recent and notable improvements, the FATF again expresses concerns given Pakistan's failure to complete its action plan in line with the agreed timelines and in light of the TF risks emanating from the jurisdiction," FATF said in a statement after the end of the six-day meeting in Paris.
"To date, Pakistan has largely addressed 14 of 27 action items, with varying levels of progress made on the rest of the action plan. The FATF strongly urges Pakistan to swiftly complete its full action plan by June 2020," the global anti-terror watchdog said.
"Otherwise, should significant and sustainable progress especially in prosecuting and penalising TF not be made by the next Plenary, the FATF will take action, which could include the FATF calling on its members and urging all jurisdiction to advise their FIs (Financial Institutions) to give special attention to business relations and transactions with Pakistan," FATF added.
FATF on Friday decided to retain Pakistan in its 'Grey List' and warned the country of stern action if it fails to prosecute and penalise those involved in terror funding emanating from its jurisdiction.