Pakistan gets deadline extension for FATF compliance report submission.

Islamabad: The Financial Action Task Force (FATF) has notified its decision to extend the deadline for Pakistan to submit its FATF compliance report, a news source reported. According to details, the intergovernmental organization has stretched the time frame till September in the wake of the COVID-19 pandemic.

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Previously, Pakistan, along with other countries, had to present its FATF compliance report at a meeting of the Joint Working Group (JWG), which was originally scheduled to take place in Beijing next month but was postponed due to the outbreak of novel coronavirus.

“Instead of May/June, now the face-to-face meeting and plenary meeting is expected to take place in August/September 2020. This may benefit Pakistan in terms of extending the period by three months,” read a statement issued by the Asia Pacific Group.

According to reports, Pakistan will now submit its FATF compliance report in September instead of June. Islamabad was originally scheduled to submit the progress report to the JWG till April 15. Now, it would have time until July.

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Pakistan has to submit its FATF compliance report featuring 27-point action plans. FATF has already declared the country fully compliant with 14 out of these 27 points.