The Financial Action Task Force (FATF) will decide whether to removePakistan from its ‘grey list’ or move it to its ‘blacklist’ in a virtualmeeting of the global financial watchdog scheduled from 21 to 23 October.
According to details, the FATF plenary will make the decision based onPakistan’s compliance with the 27-point action plan against moneylaundering and terror financing (ML&TF).——————————
The FATF session was originally scheduled in June. However, it waspostponed due to the Coronavirus pandemic.
Earlier this year in February, the FATF had urged Pakistan to complete the27-point action plan by June. In case of failure, the FATF had warned tomove Pakistan to its black list.
Moreover, it also gave a four-month grace (March-June) period to Pakistanto completely implement its 27-point ML&TF action plan, noting that thecountry had achieved only 14 targets.
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In June, the Paris-based agency had decided to postpone all evaluations andfollow-up deadlines as a result of the COVID-19 pandemic, thus givingadditional four months (July-October) to Pakistan to complete the MT&TFaction plan.
By mid-September, the federal government had amended 15 laws to reconcilePakistan’s legal system with international standards as required by theFATF.
