'FATF gives Pak time until Oct to exit grey list'

Pakistan is likely to stay on the "grey list" of the Financial Action Task Force (FATF), which has agreed to give Islamabad time until October to fully implement the 27-point Action Plan given by the global money laundering watchdog, according to sources.

The decision will be announced on Friday at the end of the FATF plenary, which is currently ongoing in the French capital of Paris, The Express Tribune quoted the sources in the Finance Ministry as saying.

The FATF plenary pored over a report submitted by Pakistan detailing progress on the implementation of the 27-point Action Plan, according to the sources.

Noting compliance on 14 points, the global financial watchdog agreed to give Pakistan more time until October 2020 to fully comply with the remaining 13 points, the sources said.

They added that the meeting has asked Pakistan to improve prosecution and conviction in terror-financing cases.

It has also called for effective legislation to curb money laundering, The Express Tribune reported citing the sources as saying.

Pakistan has so far successfully managed to avoid the blacklist due to diplomatic support from China, Turkey, Malaysia, Saudi Arabia and Middle Eastern countries.

It now requires just three votes out of a total 39 members of FATF forum to avoid falling into blacklist.