Bright chances for Pakistan to exit FATF grey list today

Hina Rabbani Khar leads Pakistan’s hard push to get off FATF list: Minister requests to avoid prejudging outcome

By: News Desk
Published: 11:59 AM, 17 Jun, 2022
Bright chances for Pakistan to exit FATF grey list today
Caption: Representational image.
Stay tuned with 24 News HD Android App
Get it on Google Play

The focus has been laid on the Financial Action Task Force’s (FATF) plenary meeting, being held in German city of Berlin, with Pakistan hoping to secure an exit its grey list, reported 24NewsHD TV channel, quoting sources.

The FATA meeting is expected to take a decision about Pakistan today (Friday).

In an interview with the BBC, a Pakistan government official said that recent updates on the plenary meeting show promising signs of a positive outcome for Pakistan. Other countries’ consent and consolation, he said, are also significant in the meeting.

He, however, said that even if Pakistan is removed from the watchlist, the FATF team will visit Pakistan for an inspection, which will take seven to eight months to complete.

Pakistan had embarked on a massive diplomatic campaign to remove itself from the FATF’s grey list. The Pakistan delegation is led by Minister of State for Foreign Affairs Hina Rabbani Khar, who is also the chair of Pakistan’s National FATF Coordination Committee. The plenary meeting began on June 14.

Pakistan requires the votes of Turkey, China, and Malaysia to be removed from the list, and all three countries have pledged their full support to Pakistani authorities. As a result, there are now strong chances that Pakistan will be removed from the FATF’s grey list, following the current meeting in Berlin, Germany.

Germany, the United States, and other countries have expressed some support for Pakistan’s request to be removed from the FATF’s grey list.

Pakistan has so far implemented almost all points, 32 of the 34, of the FATF Action Plan, including prosecutions and all relevant legal amendments.

Also Read: NBP wins terror-financing case in New York’s Federal Court

Pakistan was placed on the FATF list of countries under increased monitoring in June 2018. Grey listing means FATF has placed a country under increased monitoring to check its progress on measures against money laundering and terrorism financing. The “grey list” is also known as the “increased monitoring list”.

Apart from Pakistan, Syria, Turkey, Myanmar, Philippines, South Sudan, Uganda, and Yemen are among 23 countries on the grey list.

Of late, Pakistan is trying its best to comply with all international agencies, given that the country faces economic and political instability. 

The FATF was established in July 1989 by a G-7 Summit in Paris, initially to examine and develop measures to combat money laundering. After the 9/11 attacks, the FATF in October 2001 expanded its mandate to incorporate efforts to combat terror financing, and in April 2012, it added efforts to counter the financing of proliferation of weapons of mass destruction.

Reporter Waqas Azeem