Pakistan will have to make further legislation on at least two counts to meet three outstanding benchmarks of the 27-point action plan of the global money laundering and terrorist financing watchdog FATF before the new June deadline, a media report said on Tuesday.
The Paris-based Financial Action Task Force (FATF) placed Pakistan on the grey list in June 2018 and asked Islamabad to implement a plan of action to curb money laundering and terror financing by the end of 2019 but the deadline was extended later on due to COVID-19 pandemic.
The new deadline was set by the watchdog last month.
Pakistan has been scrambling in recent months to avoid being added to a list of countries deemed non-compliant with anti-money laundering and terrorist financing regulations by the FATF, a measure that officials here fear could further hurt its ailing economy.
The Dawn newspaper reported that the government will have to submit an updated report within a month to the FATF on the progress on legislation and other steps to be taken to address the outstanding concerns.
It was observed that Pakistan had made progress over the past two years.
The additional legislation has to cover some weaknesses in the existing framework that limited the authorities from taking action, including imposing sanction or apprehending those acting for or on behalf of designated terrorist entities or individuals and prosecuting targeted persons and entities or those working for them, within certain deadlines.
The three outstanding action points include demonstrating that Terrorism Financing (TF) investigations and prosecutions target persons and entities acting on behalf or at the direction of the designated persons or entities and demonstrating that TF prosecutions result in effective, proportionate and dissuasive sanctions.
Thirdly, Pakistan has to demonstrate effective implementation of targeted financial sanctions against all designated terrorists, specifically those acting for or on their behalf, the report said.
Subscribe to The Hindu digital to get unlimited access to Today's paper
Already have an account ? Sign in
Start your 14 days free trial. Sign Up
Find mobile-friendly version of articles from the day's newspaper in one easy-to-read list.
Enjoy reading as many articles as you wish without any limitations.
A select list of articles that match your interests and tastes.
Move smoothly between articles as our pages load instantly.
A one-stop-shop for seeing the latest updates, and managing your preferences.
We brief you on the latest and most important developments, three times a day.
*Our Digital Subscription plans do not currently include the e-paper, crossword and print.
You can support quality journalism by turning off ad blocker or purchase a subscription for unlimited access to The Hindu.