Pakistan likely to be out of terror watchdog FATF’s grey list

ISLAMABAD: The Financial Action Task Force (FATF) at its three-day review meeting in Beijing evaluated Pakistan’s compliance efforts vis-à-vis money laundering and terror financing.

The sources said China, United States, United Kingdom, Australia, New Zealand, Japan, among others, did not make any adverse remark on Pakistan’s action plan.

The FATF statement is a major reprieve for Pakistan, which last October was asked to comply with its recommendations by February.

The delegation from Islamabad is learnt to have convinced FATF members that it would swiftly complete the action plan to check fund flows to terrorist groups.

Currently, Iran and North Korea are on the FATF black list. Pakistan was placed on the grey list in June 2018 and given a plan of action to be completed by October 2019, or face the risk of being blacklisted.

Ahead of the Beijing meet, Pakistan lobbied hard with the US as its presence in the grey list had adversely impacted its sagging economy. Foreign minister Shah Mehmood Qureshi was in Washington last week, lobbying with the US on removing it from the FATF grey list.

Subsequently, US principal deputy assistant secretary of state Alice Wells visited Islamabad this week and lauded Pakistan’s efforts to comply with FATF guidelines.

Pakistan PM Imran Khan’s trip to Davos and meeting with the US President too gave hope to Pakistan. China too came to its rescue. Beijing stated on Thursday that Pakistan made visible progress to strengthen its counter-terrorism financing system, which should be encouraged by the world community.

China expressed hope and said FATF will continue to offer constructive support and assistance to Pakistan in its continued efforts to improve the counter-terrorism financing system and effectively fight terrorist financing.