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.
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.
Legislations to prevent the illegal outflow of the US Dollar, such as needing State Bank of Pakistan’s (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 organisations and convicted individuals related to them.
Reportedly, various departments and ministries are in contact through video-link and steps to comply with FATF guidelines are being taken as quickly as possible.
