BERLIN: Pakistan is hopeful of being removed from the Financial Action Task Force’s (FATF) grey list, according to a BBC Urdu report on Friday, citing a government insider who stated that “things appear to be going Pakistan’s way this time.”
Today is the last day of the FATF’s four-day plenary conference, after which the global anti-money laundering watchdog will announce which countries will remain on the list and which will be removed.
“So far there are reports that this time the decision will go in Pakistan’s favor,” According to the publication, the consent, and satisfaction of other countries in the plenary is also important in this regard, according to a representative for the federal government.
Even if Pakistan is taken from the list, the official estimates that it will take seven to eight months to resolve the issues. “The FATF team will visit Pakistan for an onsite inspection after it is removed from the grey list.”
Minister of State for Foreign Affairs Hina Rabbani Khar, who is also the chair of the National Financial Action Task Force (FATF) Coordination Committee, is leading the Pakistani delegation to the conference in Berlin. Pakistan’s progress under the 2018 and 2021 FATF Action Plans will be examined at the meeting, according to the Ministry of Foreign Affairs. The Plenary will discuss the FATF’s International Cooperation Review Group’s recommendations (ICRG).
The minister met with the FATF’s incoming and outgoing presidents, as well as the FATF’s Executive Secretary and leaders of delegations from FATF member nations, to inform them of Pakistan’s tremendous success in completing both FATF Action Plans.
It’s worth noting that Pakistan was added to the list in 2018 and given a to-do list. The FATF kept Pakistan on the list after a review in March 2022, claiming that the government had “made significant progress in meeting its recommendations.”
Pakistan has already completed 26 of the FATF’s 27 recommendations for 2018 and six of the Asia Pacific Group’s (APGseven )’s recommendations for 2021, both ahead of schedule.
The two remaining recommendations are that legal action is taken against terrorist organizations and that rigorous anti-money laundering procedures be implemented.
According to government sources, Pakistan has undertaken a tremendous diplomatic push to remove itself from the FATF’s grey list.
Pakistan requires the votes of Turkey, China, and Malaysia to be removed from the list, and all three nations have pledged their complete support to Pakistani authorities.
Except for the fines, Pakistan has executed practically all aspects of the FATF Action Plan and has instituted prosecutions, and made all required legislation adjustments in this regard.