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FATF meets to decide Pakistan’s fate on grey list

ISLAMABAD: Pakistan is likely to remain on the grey list of the Financial Action Task Force (FATF) as it has been unable to comply with six of the 27-point action plan.

The Paris-based global watchdog on global terror financing and money laundering is holding its virtual plenary session from October 21 to 23. It will review Pakistan’s progress on the 27-point action plan.

Foreign Minister Shah Mahmood Qureshi has said that India’s wish to see Pakistan blacklisted will not come true. Pakistan has not been able to complete the 27-point action plan and has complied with 21 points so far.

Pakistan has made amendments to FATF-related laws, seized the assets of banned organisations, and taken steps to stop members of these outfits from operating. It has also made progress on 40 other points apart from the action plan.

Pakistan needs the support of 12 countries to get off the grey list and is assured of support from Malaysia, China and Turkey. The International Cooperation Review Group of the FATF has acknowledged that Pakistan had complied with 21 points of the action plan.

Pakistan has succeeded in making progress in the remaining six points of the action plan. The country has complied with the points related to money laundering the remaining six pertain to terrorism financing.

In February 2020, the FATF expressed concerns over “Pakistan’s failure to complete its action plan in line with the agreed timelines and in light of the Terrorist Financing risks emanating from the jurisdiction,” it said in a report.

Pakistan was placed on the grey list in June 2018 for failing to take adequate measures against money laundering and terror financing. It was then given a 27-point action plan with a warning that failing to implement it would lead to its blacklisting.

Pakistan won a three-month further extension to complete its 27-point action plan because of the coronavirus pandemic. The deadline was June this year but the FATF extended it due to the postponement of its plenary meeting.

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