Islamabad: Financial Monitoring Unit (FMU) Director General (DG) Lubna Farooq on Tuesday announced that Pakistan had achieved full compliance on 14 out of the 27-point requirements needed to be fulfilled under the Financial Action Task Force’s (FATF) mandate — with the country expected to submit an implementation report on the remaining points by August 6, a news source reported. DG Farooq made this revelation while speaking before the National Assembly Standing Committee on Finance.
The deadline for completing the required legislation is August 15. For this purpose, the standing committee was considering three bills, including one related to anti-money laundering, and two amendments regarding the companies act and limited liability partnership.
Federal Minister for Law Farogh Nasim informed the committee that these three laws needed to be approved by the committee before August 6 if Pakistan was to exit the FATF grey list.
Pakistan has been on FATF grey list since June 2018, and the coming September is the post-COVID 19 deadline for making further changes before the next FATF plenary meeting.
