According to a BBC Urdu report on Friday, Pakistan is hopeful of being removed from the Financial Action Task Force’s (FATF) grey list, as a government official stated that “things seem to be going Pakistan’s way” this time.
Today is the last day of the FATF’s four-day plenary conference, after which the global anti-money laundering watchdog will reveal which countries will remain on the list and which will be removed.
“So far there are reports that this time the decision will go in Pakistan’s favor,” the federal government’s spokesman told the publication, adding that other countries’ consent and satisfaction in the plenary are also important in this regard.
Even if Pakistan is taken from the list, the official estimates that it will take seven to eight months to handle the problems. “After removal from the grey list, the FATF team will visit Pakistan for onsite inspection.”
Minister of State for Foreign Affairs Hina Rabbani Khar, who is also the chair of the National Financial Action Task Force Coordination Committee, is leading the Pakistani delegation to the conference in Berlin.
Pakistan’s achievements under the 2018 and 2021 FATF Action Plans will be examined at the meeting, according to the Ministry of Foreign Affairs.
The Plenary will discuss the FATF’s International Cooperation Review Group’s proposals (ICRG).
The minister met with the outgoing and new FATF Presidents, the FATF Executive Secretary, and leaders of delegations from FATF member nations to inform them of Pakistan’s outstanding success in completing both FATF Action Plans.
It’s worth noting that Pakistan was put on the list in 2018 and given a set of tasks to perform. The FATF kept Pakistan on the list after a review in March 2022, stating it had “made significant progress in fulfilling its recommendations.”
Pakistan has already completed 26 of the FATF’s 27 recommendations from 2018, as well as six of the seven points are given by Asia Pacific Group’s (APG) criteria from 2021, ahead of schedule.
The remaining two recommendations are that legal action is taken against terrorist organizations and that rigorous anti-money laundering procedures be implemented.
According to government sources, Pakistan has undertaken a tremendous diplomatic push to remove itself from the FATF’s grey list.
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 Pakistani authorities.
Except for the fines, Pakistan has executed practically all aspects of the FATF Action Plan and has instituted prosecutions, and made all required legislation adjustments in this regard.
To read our blog on “Pakistan begins diplomatic efforts to remove itself from the FATF’s grey list,” click here.
