ISLAMABAD: The Financial Action Task Force’s (FATF) plenary meeting will conclude today as Pakistan edges closer to being removed from the ‘grey list’ by the financial watchdog.
Minister of State for Foreign Affairs Hina Rabbani Khar is leading Pakistan’s delegation at the FATF Plenary Meeting to review progress under the 2018 and 2021 Action Plans.
A government official told a news outlet that Pakistan is hopeful of getting off the grey list of the Financial Action Task Force (FATF) as this time “things seem to be going Pakistan’s way”.
A four-day plenary session of the FATF is scheduled to end today after which the global anti-money laundering watchdog will announce its decision about which countries will remain in the list and which have been removed.
“So far there are reports that this time the decision will go in Pakistan’s favour,” the spokesman for the federal government told the publication. He said the consent and satisfaction of other countries in the plenary are also significant in this regard.
The official said that even if Pakistan is removed from the list, it may take seven to eight months for matters to be settled. After removal from the grey list, the FATF team will visit Pakistan for onsite inspection, he added.
According to reports, FATF has removed Pakistan from the ‘grey list’ after finding it in compliance with all 34 action items. However, the FATF board will make an official announcement about Pakistan and other countries later today.
Pakistan launched a massive diplomatic effort to get off the FATF grey list, Pakistan required the votes of Turkey, China, and Malaysia to get off the list, and all three countries assured authorities of full support for the purpose.
There are now bright chances that Pakistan may finally exit the FATF grey list after its current meeting Germany, the US, and other countries have also expressed partial support for Pakistan’s demand for exclusion from the FATF grey list.
The recent visits of Prime Minister Shehbaz Sharif, Foreign Minister Bilawal Bhutto Zardari and Minister of State for Foreign Affairs Hina Rabbani Khar to different countries are considered crucial for securing the support.
Pakistan has implemented almost all points of the FATF Action Plan, except for the penalties, and Pakistan has made prosecutions and all relevant legal amendments. Pakistan was placed on the FATF list of countries under increased monitoring in June 2018.
