Anti-money laundering watchdog gives Pakistan until February to act against terror financing

The Paris-based Financial Action Task Force already has Pakistan on its ‘grey list’ of countries with inadequate controls over curbing money laundering and terrorism financing. (Reuters)
Updated 18 October 2019

Anti-money laundering watchdog gives Pakistan until February to act against terror financing

  • ‘The FATF strongly urges Pakistan to swiftly complete its full action plan by February 2020’

PARIS: Pakistan has until February to improve its counter-terror financing operations in line with an internationally agreed action plan, or face action against it, a global watchdog said on Friday.
The Paris-based Financial Action Task Force, which tackles money laundering, said it was concerned that Pakistan had failed to complete the action plan first by a January deadline, then a May deadline and now October.
“The FATF strongly urges Pakistan to swiftly complete its full action plan by February 2020,” it said in a statement.
“Otherwise, should significant and sustainable progress not be made across the full range of its action plan by the next Plenary, the FATF will take action.”
The FATF already has Pakistan on its “grey list” of countries with inadequate controls over curbing money laundering and terrorism financing. But India wants Pakistan blacklisted, which would likely result in sanctions.
“Pakistan needs to do more and it needs to do it faster,” FATF president Xiangmin Liu told reporters in Paris.


US will allow limited flights by Chinese airlines, not a ban

Updated 43 sec ago

US will allow limited flights by Chinese airlines, not a ban

WASHINGTON: The Trump administration said Friday it will let Chinese airlines operate a limited number of flights to the US, backing down from a a threat to ban the flights.
The decision comes one day after China agreed to ease its own anti-coronavirus restrictions and allow more flights by foreign airlines. The restrictions had blocked US carriers United and Delta from resuming flights between the US and China.
The Transportation Department said it will let Chinese passenger airlines fly a total of two round-trip flights per week between the US and China, which it said would equal the number of flights China’s aviation authority will allow for US carriers.
On Wednesday, the US said it would prohibit all flights by Chinese airlines to and from the US no later than June 16. That marked an escalation of trade and diplomatic tension between the two countries.
Four Chinese airlines currently fly between the US and China.
United Airlines, Delta Air Lines and American Airlines suspended competing flights early this year as demand plummeted in the face of the coronavirus pandemic. United and Delta had petitioned China to resume flights this month. American does not plan to return to China before October.