Islamabad: A virtual meeting of the Financial Action Task Force (FATF) will be held today (Monday) to review Pakistan’s progress in its action plan.
It is expected that the meeting will finally decide whether to keep Pakistan on its gray list or withdraw it.
The Financial Action Task Force gave Pakistan sufficient time to make progress on the action plan submitted to the country.
The Paris-based Financial Action Task Force had placed Pakistan on the grey list in June 2018 and asked Islamabad to implement a plan of action to curb money laundering and terror financing by the end of 2019 but the deadline was extended later on due to COVID-19 pandemic.
Over the last two years, Pakistan has made significant progress to address many legislative gaps that have risen on FATF’s agenda.
In February 2020, the organization expressed reservations over “Pakistan’s failure to complete its action plan in line with the agreed timelines and in light of the terrorist financing risks emanating from the jurisdiction.”
The Financial Action Task Force stated in a statement that although Pakistan has completed 14 of the 27 action items, the Forum strongly urges Pakistan to “swiftly complete” its comprehensive action plan by June 2020.
Pakistan is full of confidence in the progress made since the last meeting. Pakistan’s Minister of Foreign Affairs Shah Mahmood Qureshi told the Senate last week that he hopes the decision “will benefit Pakistan”.