Pakistan likely to exit FATF's grey list

Pakistan likely to exit FATF’s grey list


BERLIN: Pakistan may withdraw from the Financial Action Task Force (FATF) greylist as the FATF plenary meeting concludes in Berlin on Friday.

According to sources in the Ministry of Finance, the latest news from the recent plenary meeting in Berlin showed good signs of a decision in favor of Pakistan. The agreement and comfort of other countries at the meeting was also significant. FATF can vote against greylisting Pakistan.

Pakistan will submit a compilation report on all 27 missions in the last week of June, while a FATF delegation will travel to Pakistan for a site visit.

FATF field missions can come to Pakistan in the last week of July to visit all relevant institutions. The FATF Berlin meeting also praised Pakistan’s efforts.

The FATF plenary considered a compilation report on the tasks assigned by Pakistan’s anti-money laundering agencies.

It was discussed that Pakistan had implemented 27 of the 27 projects of the action plan they first committed to at the FATF meeting in June 2018, after which the possibility of Pakistan exiting the grey list became apparent.

Pakistan has been greylisted since June 2018 due to deficiencies in its anti-terrorist financing and anti-money laundering regimes.

Meanwhile, Foreign Minister Hina Rabbani Har said that prejudging the outcome of the FATF plenary meeting should be avoided and speculative reporting in this regard should be avoided.

The FATF plenary meeting will continue in Berlin, Germany, and the FATF will make a public statement after tonight’s meeting, she said in a tweet on Friday.

The Minister of State said there will also be a media briefing on the issue tomorrow morning at the Ministry of Foreign Affairs in Islamabad.

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