"Take credible, verifiable, irreversible and sustainable measures," says India to Pakistan after FATF warns Islamabad of consequences over failure in terror financing

On day when Financial Action Task Force (FATF) said that Pakistan has failed to complete its action plan on terror financing, Ministry of External Affairs released a statement urging neighbour to address concerns related to terrorism.

FATF warned Islamabad of consequences if commitments were t met by October, and could also mean country getting blacklisted. 

MEA in a statement said: 

"We expect  Pakistan to take all necessary steps to effectively implement FATF Action Plan fully within remaining time frame, that is, by September 2019 in accordance with its political commitment to FATF and take credible, verifiable, irreversible and sustainable measures to address global concerns related to terrorism and terrorist financing emanating from any territory under its control."

Paris-based global body is working to curb terrorism financing and money laundering and has asked Pakistan to reassess operation of banned terrorist outfits in country.

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In June last year, FATF placed Pakistan on grey list of countries whose domestic laws are considered weak to tackle challenges of money laundering and terrorism financing.

In a statement issued at conclusion of its Plenary meeting in Orlando, Florida, FATF expressed concern "that t only did Pakistan fail to complete its action plan items with January deadlines, it also failed to complete its action plan items due May 2019".

FATF "strongly" urges Pakistan to swiftly complete its action plan by October 2019 when last set of action plan items are set to expire.

"Orwise, FATF will decide next step at that time for insufficient progress," international financial body said leaving a strong warning to Pakistan.

FATF said Pakistan had taken steps towards improving its AML/CFT (anti-money laundering/combating financial terrorism) regime, including recent development of its terroe funding risk assessment addendum.

However, it does t demonstrate a proper understanding of Pakistan's transnational terror funding risk.

Reacting to FATF's warning, Pakistan on Friday said it was committed to taking measures needed to implement action plan agreed with FATF to come out of greylist.

" Government of Pakistan reiterates its commitment to take all necessary measures to ensure completion of Action Plan in a timely manner," Ministry of Finance said in a statement.

(With PTI inputs)