FATF warns Pak to complete action plan on terror financing by October 2019

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The Financial Action Task Force (FATF) has said that Pakistan failed to complete its action plan on terror financing.

The FATF strongly urged Pakistan to swiftly complete its action plan by October 2019  or face consequences.

Meanwhile, Saudi Arabia has become the first Arab country to be granted full membership of the group following its Annual General Meeting in Orlando, Florida on Friday.

Saudi Arabia has become the first Arab country to be granted full membership of the Financial Action Task Force (FATF). The Kingdom had obtained observer status in the Group in June 2015.

Saudi Arabia has been a founding member of the Middle East and North Africa arm of the group since November 2004, and its full membership comes after it was reported the Kingdom had made “tangible progress” for its efforts in implementing the FATF’s guidelines.

FATF is responsible for issuing international standards, policies and best practices to combat money laundering, terrorist financing and proliferation.

Meanwhile, even as tension escalates between US and Iran in the Gulf region, Treasury Secretary Steven Mnuchin warned on Friday that Iran’s financial system will soon face additional penalties if the nation doesn’t comply with international guidelines to combat money laundering.

The FATF said Iran has until October to comply with international standards or it will trigger counter-measures.