A global money-laundering watchdog has given Pakistan an extension until June to be removed from a terrorism-financing list.
The Financial Action Task Force (FATF) said on February 25 that Pakistan had made progress on 24 out of 27 recommendations.
But the Paris-based body said after a three-day virtual plenary that Pakistan must address the three remaining “deficiencies” related to terror financing.
FATF placed Pakistan on a so-called grey list in 2018 for having inadequate controls on money laundering and terror financing.
The listing has hurt trade and foreign investment in the country.
Pakistan was placed on the watchlist at the request of the United States and its European allies to compel the country to do more to combat Islamist militancy and terror financing.
FATF noted that since 2018 Pakistan has shown a “high-level political commitment” to address terror financing.
Following the announcement, Pakistan said it was committed to complying with the FATF evaluation process.
Pakistani federal minister Hammad Azhar, who leads the country’s effort to implement the FATF road map, wrote on Twitter that “Pakistan is subject to perhaps the most challenging & comprehensive action plan ever given to any country.”
Pakistan Given Extension For Removal From Terror-Financing Watch List To Address 'Deficiencies'
The Financial Action Task Force placed Pakistan on a so-called grey list in 2018 for having inadequate controls on money laundering and terror financing.