EU offers technical assistance to Pak for FATF action plan implementation

The European Union has offered technical assistance to Pakistan for the implementation of the Financial Action Task Force (FATF) action plan by the country, according to a media report.

A joint press release issued at the conclusion of the 10th session of the European Union-Pakistan Joint Commission in Brussels on Friday said the two sides emphasised the importance of the implementation of FATF action plan by Pakistan, the Dawn reported.

Global terror financing watchdog FATF last month retained Pakistan on its 'Grey List' till February next year for its failure to take adequate action against money laundering and terror financing.

Pakistan was placed on the Grey List by the Paris-based Financial Action Task Force (FATF) in June last year and was given a plan of action to complete it by October 2019, or face the risk of being placed on the Black List with Iran and North Korea.

The Pakistan side at the meeting appreciated the EU's offer of technical assistance.

Implementation of GSP-Plus', issues hampering trade and investment, and improving the business climate remained focus of the discussion during the meeting.

The plenary of the joint commission was preceded by meetings of sub-groups on trade, development cooperation, democracy, governance, rule of law and human rights on November 13-14, the daily said.

The next session of the joint commission will be held in Islamabad in 2020. The two sides undertook to hold the next political dialogue in Islamabad that would contribute towards the EU-Pakistan strategic dialogue at high representative and foreign minister level at mutually agreed dates in Brussels.