Pakistan likely to exit FATF grey list in coming days
When the financial crime watchdog meets in Paris from October 18 to 21, it is expected that the decision to remove the South Asian country from the list will be made.
Pakistan is now likely to have its name removed off the Financial Action Task Force’s (FATF) “grey list” after being added to it four years ago for financing terrorism and money laundering after being deemed to be in compliance with the action plan outlined by the international financial watchdog.
When the financial crime watchdog meets in Paris from October 18 to 21, it is expected that the decision to remove the South Asian country from the list will be made.
The international financial watchdog had outlined a 34-point action plan for Pakistan, of which 27 points dealt with financing of terrorism and 7 points dealt with money laundering.
“At its June 2022 Plenary, the FATF made the initial determination that Pakistan has substantially completed its two action plans, covering 34 items,” the FATF stated in a statement following the June plenary. “Pakistan warrants an on-site visit to verify that the implementation of Pakistan’s AML/CFT reforms has begun and is being sustained, and that the necessary political commitment remains in place to sustain implementation and improvement in the future.”
Pakistan likely to exit FATF grey list in coming days
From August 29 to September 2, a 15-person FATF team visited Pakistan. While there, the team met with officials who were concerned about Pakistan’s financial system, including the state bank and finance ministry, and afterward, it prepared an on-site report on the nation.
