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Pakistan no longer on the gray list; FATF meeting will start today

Paris: The meeting of the Financial Action Task Force will begin in Paris today. A decision will be made on whether Pakistan will remain on the gray list or exit.
According to details, the World Money Laundering Watchdog Organization will decide the fate of Pakistan in a five-day meeting. Federal Minister for Economic Affairs Hamad Azhar arrived in Paris under the leadership of the Pakistani delegation, while the Pakistani delegation included officials from the Ministry of Finance, State Bank and FMU. Will be reviewed. The meeting will decide on the removal of Pakistan from the Financial Action Task Force’s gray list or postponement until September and the meeting will continue till February 21.

Pakistan was given a working time until March 31 in talks with the Financial Action Task Force on January 25 this year, and asked to implement more than 27 targets. The Ministry of Law will improve the regulation for lawyers, the Institute of Chartered Accountants will create regulations for iCap Chartered Accountants, the Ministry of Communications and Security and Exchanges Commission will be further mobilized, Pakistan Postal Insurance will be formally made a company, Pakistan Postal Insurance will be converted into a 70 crore insurance company.

Experts are expecting Pakistan to be out of the gray list soon after the FATF is implemented or it may take more time to watchdog for implementation. Based on the report of the joint group held last month, Pakistan will likely be excluded from the ‘gray list’ or at least blacklisted since the ATF meeting.

In October 2019, the Financial Action Task Force (FATF) announced that Pakistan would be placed on its gray list by February 2020, after expressing satisfaction over the implementation report submitted by Pakistan. Addressing a press conference of the FATF president in this regard, the task force directed Pakistan to take further steps to eliminate terrorist financing and money laundering. At the FATF meeting in Paris, in February 2020 it was decided to revisit the measures taken by the country.

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