Strong prospects for removing Pakistan from the FATF gray list and adding it to the white list.

ISLAMABAD: The FATF’s plenary session has strong prospects of removing Pakistan from the gray list and adding it to the white list due to its legislation and full commitment on money laundering and terror financing.

According to the details, the FATF’s plenary meeting will be held in Paris from October 21 to 23. The three-day meeting of the FATF will decide whether to keep Pakistan on the gray list or add it to the white list. In other words, Pakistan should be declared a country where money laundering and terrorism are not financed, otherwise, like Iran and North Korea, Pakistan can be blacklisted and severe economic sanctions can be imposed on Pakistan.

Due to Pakistan’s legislation and commitment to money laundering and terror financing, there is a strong possibility of removing Pakistan from the gray list and adding it to the white list.
Sources said that all fears of being blacklisted on Pakistan could be allayed, Pakistan gave detailed answers to 150 questions of ICRG, Pakistan has made great progress on 21 out of 27 targets and NICTA, SBP, SE CP, FMU met all the targets.
It may be recalled that in June 2018, the FATF added Pakistan to its gray list and Pakistan was given time till October 2 to take necessary steps in this regard, which was later extended for another four months.

Pakistan promised to develop the necessary legislation and an effective system for its implementation within the given time frame. In February 2020, the FATF acknowledged that Pakistan had complied with the 27 demands made by the Task Force. However, due to lack of progress in other areas, the FATF expressed concern and kept Pakistan on the gray list.

39 Views
0Shares

Leave a Comment