Pakistan likely to exit FATF grey list today

ISLAMABAD: Pakistan is expected to finally exit the grey list of the Financial Action Task Force (FATF) today as the global money-laundering watchdog meets in Paris to review the implementation of its action plan by Islamabad.

Minister of State for Foreign Affairs Hina Rabbani Khar is in Paris to attend the crucial FATF first plenary under the two-year Singapore Presidency of T Raja Kumar from 20-21 October 2022.

According to experts, Pakistan is likely to exit the FATF’s infamous grey list after a period of four years as it has successfully complied with the 34-points action plan related to terror financing and money laundering.

After the meeting, Raja Kumar, the FATF president will address a news conference in which announcement to remove Pakistan from its infamous grey list.

Earlier, 15-member FATF delegation, comprising its counterterrorism experts visited Pakistan from August 29 to September 5, 2022 and held meetings with the country’s leadership, besides getting briefings from relevant authorities on Pakistan’s implemented reforms, particularly the critical measures undertaken with regard to AML/CFT.

In a statement, earlier this year, the Financial Action Task Force (FATF) acknowledged that Pakistan has “substantially completed its two action plans”, saying that the watchdog will now schedule an on-site visit to verify the implementation of the measures.

It is pertinent to mention here that Pakistan was added to the FATF’s grey list in June 2018 for deficiencies in its system to curb money laundering and terror financing.