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Business & Finance

FATF to decide Pakistan’s status today

  • The plenary meeting of the FATF would decide on the basis of measures taken by the government against money laundering and terror financing, whether Pakistan should be excluded from its “grey list” or not.
23 Oct 2020

The plenary meeting of the Financial Action Task Force (FATF) taking place would decide Pakistan’s status today (Friday).

In order to meet the targets assigned by the Paris-based watchdog, the joint session of the parliament in September, approved a number of legislations to strengthen laws against money laundering and terrorism financing to comply with the requirement and action plan of the FATF.

The plenary meeting of the FATF would decide on the basis of measures taken by the government against money laundering and terror financing, whether Pakistan should be excluded from its “grey list” or not.

Pakistan got a four-month period from the FATF in February to complete 27-point action plan against money laundering and terror financing after noting that Pakistan has delivered on 14 points but missed 13 other targets.

The outcomes of the FATF Plenary will be published today, at the close of the meeting, and the FATF president will give a press briefing on the outcomes of the FATF Plenary as well.

It is pertinent to inform that the FATF put Pakistan on its list in 2018, even before this, Pakistan has been part of the list from 2013 to 2016 but was removed from the list due to the country's satisfactory performance.