DUBAI: Pakistan may face setback at the FATF crucial session over greylistas Pakistan is unlikely to exit a ‘grey list’ of the Financial Action TaskForce (FATF) next month.
Pakistan sought active support of its close ally China and tactical supportof some powerful Western countries. The FATF, an international watchdogthat works to counter money laundering, may extend the duration of the’grey list’ it has placed Pakistan in for another six months to ensure thecountry gets enough time to adopt legislative measures to restructure itsbanking system in line with best international practices.
Although Foreign Minister Shah Mehmood Qureshi has expressed confidence atPakistan getting off the ‘grey list’ by February, experts and diplomaticsources say the FATF is likely to extend the duration of the ‘grey list’for another six months.
At a review meeting in Beijing last week, Islamabad submitted a compliancereport about actions it has taken in line with FATF recommendations.
However, it is still an uphill task to secure 12 more votes out of 39 toexit the ‘grey list’ and move to a ‘white list’, sources said.
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In recent meetings, Pakistan has received the support of Malaysia andTurkey, besides China.
“Pakistan has done a remarkable job to exit the ‘grey list’ of FATF. Wehave addressed 24 concerns out of 27 in Beijing meetings and will soon have100 per cent compliance on FATF guidelines,” Ashfaq Hassan Khan, member ofthe Economic Advisory Council in Islamabad, said after the recent mostrecent review.
