Pakistan likely to be removed from FATF Greylist

Pakistan likely to be removed from FATF Greylist

ISLAMABAD - Pakistan is likely to be removed from Financial Action Task Force Greylist, media reports have revealed.

Pakistani delegation hold a face-to-face meeting with the Financial Action Task Force’s (FATF) Asia Pacific Group (APG) in Bangkok for a final evaluation of its anti-money laundering and countering the financing of terrorism (AML/CFT) report.

Talks will be held with the FATF from September 8-10. The team will submit replies to 125 questions of the APG, which had been summoned in order to take Pakistan out of the grey list. A session of cross-questioning would also be held during the talks between the two parties.

Particular emphasises has been placed on measures the state has adopted and implemented for freezing the assets of banned organizations, curbing the financing of banned outfits and legislation for restricting money laundering.

A report will also be reviewed on steps taken by the country for monitoring all welfare organisations’ at the federal and provincial levels by the Securities and Exchange Commission of Pakistan (SECP). Furthermore, the methods implemented for compiling the records of welfare organisations’ assets will be analysed by the FATF.

The FATF had also asked Pakistan to ensure registration of businesses of gold, other jewelry and precious stones, and the condition of holding National Identity Card (NIC) has been termed “must” for doing such business activities.

The Asia-Pacific Group will analyse Pakistan’s targets and implementations over its overall recommendations. Pakistan will argue its case and present its final defence. The decisive report will be forwarded to the FATF after the meeting.

Sources familiar with the matter told the media that the outcome of the talks would decide whether Pakistan’s name stayed on the grey list or would it be added to the black list.