Financial Action Task Force (FATF) President chaired the second Plenary under the Chinese Presidency of the FATF that met in Paris from 19-21 February 2020.
Key Outcomes:
FATF placed Iran on its ‘black list’ after it failed to comply with international anti-terrorism financing norms, a move that will deepen the country’s isolation from financial markets.
Pakistan has been retained on the ‘grey list’ of the FATF for another four months, with a stern warning to complete the 27-point action plan it has been given by June 2020 or face being put on the ‘black list’. Pakistan has been lobbying to get off the grey list, citing actions already taken.
Pakistan was given a deadline to complete the tasks that included shutting down all access to funding of United Nations Security Council-designated terrorist groups, including the Taliban, al-Qaeda, the Lashkar-e-Taiba and the Jaish-e-Mohammed and prosecuting their leadership for any access to finance.
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