Pakistan unlikely to move out of FATF Grey List despite efforts

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Pakistan is trying hard to convince the ongoing Financial Action Task Force meet (June 21-25) that it has implemented 26 of the 27-point FATF action plan to move out of the Grey List. However, the group is unlikely to remove Pakistan from the List.

“Under the German Presidency of Dr Marcus Pleyer, delegates representing 205 members of the Global Network and observer organisations including the International Monetary Fund, the United Nations and the Egmont Group of Financial Intelligence Units will take part in the virtual meeting of the FATF Plenary,” FATF said in a statement.

During the five days, they will discuss key issues to strengthen global action against financial flows that fuel crime and terrorism, the FATF stated.

The US’ withdrawal from Afghanistan has raised fears that Pakistan may start encouraging terror groups to get active in the Af-Pak region and FATF could also consider this when reviewing Pakistan’s status, ET has learnt.

Ahead of the current FATF, the Asia Pacific Group (APG) on Money Laundering retained Pakistan on “enhanced follow-up” status for outstanding requirements. Islamabad will continue to report back to APG on the country’s progress to strengthen its implementation of anti-money laundering and combating terror financing measures. The APG is a regional affiliate of the FATF. The second Follow-Up Report (FUR) on Mutual Evaluation of Pakistan released by APG also downgraded Pakistan on one criteria.

The FATF had placed Pakistan on the Grey List in June 2018, urging Islamabad to implement a 27-point action plan to curb money laundering and terror financing by 2019-end. This February, the FATF plenary meet gave a fourth extension to Pakistan to fully implement a 27-point action plan and “strongly urged” it to meet the remaining conditions about terror financing investigations and the United Nations Security Council resolutions.

Against the government’s hopes of exiting the Grey List, the FATF plenary found the country’s progress on three out of the remaining six points less than satisfactory. Pakistan would remain on the Grey List till June 2021, a statement issued by the FATF from Paris, had said in February.



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