Sunday, September 26, 2021

FATF meeting: Finance minister seeks exclusion of Pakistan from grey list

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PARIS: Caretaker Finance Minister Shamshad Akhtar on Wednesday pleaded the Financial Action Task Force (FATF) to remove the name of Pakistan from its grey list.

During the plenary meeting in earlier February this year, Pakistan was placed on the watchdog’s grey list for global money laundering and terror financing.

In a crucial meeting with the FATF today, under the leadership of Akhtar, a Pakistani delegation presented a robust case for keeping Pakistan out of the grey list. The delegation highlighted the measures taken by Pakistan in order to stem money laundering and terror financing.

FATF is an international watchdog that battles against terrorist financing and money laundering.

The six-day meeting of the FATF is underway from June 24 to 29 in the French capital.

Following the February decision of FATF to place Pakistan in the grey list, National Security Committee (NSC) on June 8 reaffirmed its commitment to cooperate with FATF.

A statement was issued after the NSC meeting, “The committee reaffirmed the commitment of the country to work with FATF and other international organizations in achieving common goals and shared objectives”

Moreover, Pakistan also took measures in keeping with FATF regulations. In this regard, on June 20, the Securities and Exchange Commission of Pakistan (SECP) issued ‘Anti Money Laundering and Countering Financing of Terrorism Regulations 2018’, following FATF’s recommendations.

Previously, from 2012 to 2015, Pakistan was placed on the FATF greylist.

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