Pakistan unlikely to move out of FATF Grey List despite efforts

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Pakistan is making an attempt arduous to persuade the continuing Financial Action Task Force meet (June 21-25) that it has applied 26 of the 27-point FATF motion plan to move out of the Grey List. However, the group is unlikely to take away Pakistan from the List.

“Under the German Presidency of Dr Marcus Pleyer, delegates representing 205 members of the Global Network and observer organisations including the International Monetary Fund, the United Nations and the Egmont Group of Financial Intelligence Units will take part in the virtual meeting of the FATF Plenary,” FATF stated in a press release.

During the 5 days, they’ll focus on key points to strengthen international motion in opposition to monetary flows that gasoline crime and terrorism, the FATF said.

The US’ withdrawal from Afghanistan has raised fears that Pakistan might begin encouraging terror teams to get energetic within the Af-Pak area and FATF may additionally contemplate this when reviewing Pakistan’s standing, ET has learnt.

Ahead of the present FATF, the Asia Pacific Group (APG) on Money Laundering retained Pakistan on “enhanced follow-up” standing for excellent necessities. Islamabad will proceed to report again to APG on the nation’s progress to strengthen its implementation of anti-money laundering and combating terror financing measures. The APG is a regional affiliate of the FATF. The second Follow-Up Report (FUR) on Mutual Evaluation of Pakistan launched by APG additionally downgraded Pakistan on one standards.

The FATF had positioned Pakistan on the Grey List in June 2018, urging Islamabad to implement a 27-point motion plan to curb cash laundering and terror financing by 2019-end. This February, the FATF plenary meet gave a fourth extension to Pakistan to totally implement a 27-point motion plan and “strongly urged” it to meet the remaining circumstances about terror financing investigations and the United Nations Security Council resolutions.

Against the federal government’s hopes of exiting the Grey List, the FATF plenary discovered the nation’s progress on three out of the remaining six factors lower than passable. Pakistan would stay on the Grey List until June 2021, a press release issued by the FATF from Paris, had stated in February.

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