The Financial Action Task Force (FATF) will engage in a three-day meetingwherein it will discuss the status of Pakistan as the country could finallybe removed from the grey list on a merit basis, after a review of the stepstaken by the nation against money laundering and terror financing.
The virtual meetings will be hosted in Paris and multiple countries,including Pakistan, will come under review. Officials have expressedconfidence that Pakistan would be removed from the grey list as long as thedecisions are based on merit.
FATF has reportedly appreciated the steps taken by Pakistan in its attemptsto comply with the demands of the global watchdog. FATF commended the stepsand conceded that progress had been made in terms of money laundering andterror financing, but Islamabad would have to ensure full implementation atall points.
Pakistan was placed on the grey list by FATF in June 2018.
Back in October, the FAFT had acknowledged Pakistan’s progress, wherein thecountry had fulfilled 21 of the 27 conditions that it had been presentedwith. At the time, FATF President Dr Marcus Pleyer had said that once theremaining conditions are met, an “on-site visit” will be approved, forwhich a FATF team will visit Pakistan.
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“As soon as the plenary decides that Pakistan has completed all the 27items, then an onsite visit will be made. After that, it will be decidedwhether the country will be allowed to exit the grey list or not,”Dr Pleyer had said.
The country confronted the issues of money laundering and terror financewhen the incumbent government in 2020 got three laws — the Anti-MoneyLaundering (second amendment) Bill-2020, Anti-Terrorism Act (ATA) (thirdamendment) Bill-2020 and Islamabad Capital Territory Waqf PropertiesBill-2020 — passed in a joint sitting of parliament.
“To date, Pakistan has made progress across all action plan items and hasnow largely addressed 21 of the 27 action items,” a statement issued by theglobal watchdog in 2020 had said.
