FATF virtual meeting to be held on October 21

ISLAMABAD: The virtual meeting of the Financial Action Task Force (FATF) will be held from 21st to 23rd October.

According to sources, the FATF meeting will decide to remove Pakistan from the grey list while reviewing the performance on the money laundering and terrorist financing.

Earlier, Pakistan had four more months to meet the FATF requirements, but now, even if the country does not get off the grey list, it will be asked to implement ten more points.

According to sources, details of compliance on the remaining 13 points have been submitted to the review group. It should be noted that the FATF had placed Pakistan on the grey list in June 2018 and placed 27 conditions to be reviewed for compliance in one year, till September 2019.

Read more: FATF extends action plan deadline for Pakistan till October 2020

Pakistan was so far given two times an extension of three months, every time to comply with 27-point action plans. Out of the 27-point action plan, FATF had so far declared Pakistan fully compliant on 14 points and set a deadline of June 2020 for complying on the remaining 13 points in a bid to ensure exit from the grey list of the watchdog.

Pakistan was bound to submit its progress report to the joint working group (JWG) of FATF till 15th April this year but now Islamabad would have to make a progress report for submission till July 2020.