According to a media report published on Tuesday, Pakistan has undertaken a significant diplomatic push to remove itself from the FATF’s grey list of countries involved in money laundering and terrorism financing.
Pakistan has been on the Financial Action Task Force’s (FATF) grey list since June 2018 for failing to check money laundering, which leads to terror financing, and has been set a deadline of October 2019 to rectify the situation.
The country has remained on the list since then due to its failure to comply with FATF rules.
Pakistan requires the votes of Turkey, China, and Malaysia to be removed from the list, and all three nations have pledged their complete support to the Pakistani government, according to News International.
Official sources told The News International on Tuesday that a judgment on Pakistan’s status on the list will be made during the current meeting, which runs from June 14 to 17 in Berlin, Germany.
According to sources, substantial discussions about FATF took place during Prime Minister Shehbaz Sharif’s, Foreign Minister Bilawal Bhutto Zardari’s, and Minister of State for Foreign Affairs Hina Rabbani Khar’s recent travels to several nations.
Pakistan has executed practically all elements of the FATF Action Plan, with the exception of the sanctions, and has prosecuted and amended all relevant laws, according to the report.
The FATF summit in Berlin will last through June 17, with the forum deciding whether or not to maintain specific countries on its black and grey lists on the final day of the meeting.
With Pakistan’s continued inclusion on the grey list, it is becoming increasingly difficult for Islamabad to obtain financial assistance from the IMF, World Bank, Asian Development Bank (ADB), and European Union, compounding the country’s issues.
With the support of close friends such as China, Turkey, and Malaysia, Pakistan has managed to avoid being placed on the blacklist thus far.
The FATF is an intergovernmental organization that was founded in 1989 to the prevention of money laundering, terrorism financing, and other risks to the international financial system’s integrity.
To read our blog on “Pakistan will be removed from FATF’s grey list this year, Shaukat Tarin,” click here.
