FATF: Is Pakistan out of grey list yet?


Lahore, 23rd October: Pakistan is still not out of the grey list, but forced the FATF to investigate money laundering against India.

Baaghi TV: According to reports, the possibility of being blacklisted by the Financial Action Task Force (FATF) has been ruled out.

According to sources, Pakistan has completed homework on money laundering and terror financing and met all legal requirements. Pakistan has implemented 21 of the 27 recommendations, after which its chances of being blacklisted have diminished. In June 2021, Pakistan will be able to get out of the grey list.

According to sources, India politicized the issue and tried its best to blacklist Pakistan and also contacted the FATF member countries. Pakistan has also completed 20% work on the remaining six clauses and 16 queries have been removed from Parliament through legislation.

Sources said that before June, Pakistan will be able to implement the remaining six clauses. However, Pakistan will not be able to come out of the grey list in the plan starting October 23. Pakistan has completed the implementation of most of the FATF’s action points regarding anti-money laundering.

Most of the remaining action points provided by FATF to Pakistan are related to anti-terror financing. The report of FATF’s International Cooperation Review Group acknowledged the implementation of Pakistan’s 21 action points. It is hoped that in the first half of next year, Pakistan will move out of the FATF grey list.

Pakistan may receive an on-site visit in February next year. During the visit, FATF members will visit Pakistan to review the implementation of action points.

According to sources, the FATF had provided 27 action points to Pakistan for compliance. So far Pakistan has implemented 21 action points. As of February this year, Pakistan had implemented 14 action points.

It should be noted that FATF meetings are held in-camera and no country can exchange details of the proceedings of these meetings. Pakistan cannot become a member of the FATF unless it is removed from the grey list. Pakistan was given a deadline of October 2019 to implement the action points, which was later extended.

On the other hand, sources said that the Financial Action Task Force will conduct a mutual evaluation of India in the first half of next year. India’s Mutual Evaluation is likely to examine the involvement of 44 Indian banks in money laundering and terror financing.

Stay tuned to Baaghi TV for more updates!

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