Last Updated on: 29th June 2023, 11:03 am
FATF Announced To Keep Pakistan’s Status On Grey List
The Financial Action Task Force (FATF) said on Friday that Pakistan was nearing the completion of its two action plans, but on-site visits are needed to verify the country’s implementation. However, it has not been officially removed from the FATF gray list.
“The FATF first noted that Pakistan has essentially completed its two action plans covering 34 points and warrants an on-site visit to verify that implementation of the AML/CFT reforms in Pakistan has started and is continuing and whether the necessary policy actions have been taken and the commitment remains to support future implementation and improvement,” the global money-laundering watchdog said in a statement.
The FATF said the site visit would take place as soon as possible and if the site visit was successful, Pakistan would be delisted. He added that Pakistan’s continued political engagement in fighting terrorism financing and money laundering has resulted in significant progress.
Global Watchdog plenary sessions were held in Berlin from June 14-17, 2022, where its members discussed a variety of issues related to Pakistan’s progress.
Pakistan was officially placed on the Financial Action Task Force (FATF) “grey list” for the third time on June 28, 2018, and has since taken steps to remove it.
Also Read: FATF Recommendations For Pakistan Improves On 4 out of 40
Pakistan was first placed on the FATF gray list after failing to comply with international anti-money laundering (AML) and counter-terrorism financing (CFT) standards in 2008. In 2010, Pakistan left the list to improve its AML/CFT regime. Pakistan was grey listed again in 2012 and remained on the list until 2015.
Also Read: FATF grants 6 new financial POAs on Money laundering cases in Pakistan