Wednesday, December 07, 2022

Pakistan may be out of ‘grey list’ of FATF, a financial crime watchdog

Pakistan is likely to be removed from the ‘Grey List’ of the Financial Action Task Force, and an announcement about the same is expected to be made this week.

Pakistan Fat Representative

Pakistan is likely to be out of the ‘Grey List’ of the Financial Action Task Force (FATF).

Pakistan is likely to be out of the ‘Grey List’ of the Financial Action Task Force (FATF). The same will be announced in the FATF Plenary which is to be held in Berlin (Germany) this week from June 14 to 17, 2022.

Sources told India Today TV that the announcement will be put up on the global financial crime watchdog’s website, followed by a visit by a FATF team to Pakistan to assess compliance by the country. Jurisdictions under increased surveillance and high-risk jurisdictions for more than four years. The official announcement will be made at the October plenary session of the FATF.

Read: Pakistan made in FATF gray list: Report

According to sources, Pakistan has completed 26 out of 27 work items in its 2018 action plan for FATF and six out of seven work items of FATF’s Asia Pacific Group on Money Laundering (APG) action plan for 2021 .

According to the FATF announcement, representatives representing the 206 members of the global network and observer organizations, including the International Monetary Fund, the United Nations, the World Bank and the Egmont Group of Financial Intelligence Units, will participate in the final plenary meeting under both The German Presidency of Dr. Marcus Player from 14-17 June 2022. The German government will host this hybrid event in Berlin, with a large number of participants participating in person.

German Ambassador to Pakistan Bernhard Schlaghek has expressed hope this month to remove Pakistan from the FATF gray list. Speaking to media persons in Islamabad on Sunday, the German envoy dismissed concerns of lobbying against Pakistan at the FATF. He said that FATF is a collective forum and one country alone cannot influence decisions.

“It is a technical process and positive results are expected with respect to Pakistan,” he said.

Read: Turkey is the new friend in the terrorist watch list, now who will help Pakistan in FATF?

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