Pakistan likely to be removed from FATF grey list in first quarter of 2021: sources

Pakistan likely to be removed from FATF grey list in first quarter of 2021: sources

By

Paris: A plenary meeting of the Financial Action Task Force (FATF) is ongoing in Paris to decide the fate of Pakistan pertaining to its exclusion from the forum’s grey list.

According to sources with knowledge of developments, Pakistan cannot be included in the special organization’s blacklist.

“On the other hand, there are chances of Pakistan getting out of the FATF grey list in the first quarter of 2021,” the sources said as the FATF preliminary meeting would continue till 23 October.

Pakistan has implemented actions in accordance with the main action points recommended by the Anti-Money Laundering Financial Action Special Organization, except for 16 legislation on money laundering related issues.

Earlier in the day, a diplomatic source told that Pakistan is likely to remain on the FATF gray list, but the Global Forum has no expectation to push the country into the blacklist.

Facts have proved that during the plenary meeting held on October 21 (today), Pakistan cannot leave the grey list of the Global Anti-Money Laundering Forum.

The diplomatic sources expressed chances regarding Pakistan to come off the global forum’s grey list in the next plenary meeting in June next year, whereas, the country is also expected to get an insight visit in February.

During the insightful visit, the experts will review the progress of the implementation of the action points during the visit to Pakistan.

In October, the Asia-Pacific Group (APG), a regional affiliate of the Financial Action Task Force (FATF) on money laundering and terror financing, had decided to keep the country on its “Enhanced Follow-Up” list. The APG retained the country on the Enhanced Follow-UP list on recommendations of the Paris-based FATF.

You may also like