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Business & Finance

Chances bright for Pakistan exit from FATF ‘grey list’

  • Weeks ago, there was a one-day face-to-face talk between Pakistan and the FATF, in which the Pakistani delegation was led by Federal Minister for Industries and Production Hammad Azhar.
01 Feb 2021

Pakistan has sent its latest report to the Financial Action Task Force (FATF) on the progress in its measures for counter-terrorism, anti-extremism, and money laundering.

As per details, Pakistan has assured to complete the implementation of 27 points of FATF and the ongoing progress on the remaining 6 points to be completed as soon as possible. There is a strong possibility that good news regarding Pakistan's exit from the FATF ‘grey list’ will come this year.

Weeks ago, there was a one-day face-to-face talk between Pakistan and the FATF, in which the Pakistani delegation was led by Federal Minister for Industries and Production Hammad Azhar.

Pakistan authorities have handed over documentary evidence of full implementation of 21 out of 27 points to the authorities while assuring significant progress on the remaining 6 points. It was learned that about 50 to 70 percent of work has been completed on the implementation of these 6 points.

Back in October last year, FATF decided to maintain Pakistan's status on its 'grey list' of countries with inadequate control over curbing money laundering and terrorism financing, media has reported.

“The plenary has decided to keep Pakistan in 'grey list' until February 2021 despite the country has successfully complied with 21 out of 27 points of action,” said the FATF President Marcus Pleyer.

The global watchdog reviewed Pakistan’s progress on the 27-point action plan for addressing anti-money laundering and terror financing.

“Pakistan has to do more,” said the FATF President. "To date, Pakistan has made progress across all action plan items and has now largely addressed. As all action plan deadlines have expired, the FATF strongly urges Pakistan to swiftly complete its full action plan by February 2021."

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2 Comment(s)
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Imran Sheikh Feb 01, 2021 01:35pm
It is in the Pakistani economy's interest to control illegal financial activities ASAP. If our interest converges with FATF's, so much the better. A disciplined financial sector gives comfort to local and foreign investors.
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Aamar Ahmad Feb 02, 2021 06:39pm
It is absolutely critical for any nation to implement transparency and fairness to promote a good culture of compliance and progression. The whole world will be open for Pakistan
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