FATF plenary session decides Pakistan’s fate on the greylist, India faces an embarassing blow over failed attempt of blacklist

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FATF plenary session decides Pakistan’s fate on the greylist, India faces an embarassing blow over failed attempt of blacklist

ISLAMABAD - The Financial Action Task Force (FATF) would formally announced its decision regarding keeping Pakistan on grey list or not today (Friday), as the plenary concludes in Paris.

Pakistan is likely to be given further time till October to achieve full compliance with the FATF 27-point action plan and exit from the grey list.

As per reports, Indian attempts to blacklist India foiled after no country supported India's attempt to blacklist Pakistan. It was learnt that Indian demand for members countries to blacklist Pakistan, which was rejected.

The FATF members praised Pakistan for taking effective steps, countering money laundering, and terror financing. The FATF expressed satisfaction with Pakistan's performance report. As per reports, Pakistan has fully implemented 14 out of 27 points of FATF recommendations.

Meanwhile, the FATF members have called for more steps to be taken to get Pakistan out off the grey list. Pakistan has made effective legislation to exit the grey list, it was learnt. Meanwhile, the FATF has said Pakistan must ensure implementation of money laundering laws.

Pakistan was placed on the grey list by the Paris-based watchdog in June 2018 and was given a plan of action to complete it by October 2019.

The Pakistani delegation is being led by Federal Minister for Economic Affairs Hammad Azhar, who is also accompanied by officials of the Ministry of Finance, the State Bank, and Federal Board of Revenue (FBR).

Earlier, Minister for Foreign Affairs Shah Mahmood Qureshi said Pakistan had successfully fulfilled the requirements and guidelines of FATF. He said that the present government took sweeping steps to check terror financing and money laundering with effective legislation.

He maintained the steps were also acknowledged during the recently concluded meetings of the FATF body. Pakistan took serious actions and implemented a plan of action.

More than 800 representatives from 205 countries and jurisdictions around the world, the IMF, UN, World Bank and other organisations are participating in these meetings.