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FATF to review Pakistan’s performance on ML & TF this month

ISLAMABAD: A virtual meeting of the Financial Action Task Force (FATF), plenary scheduled for October 21-23, will decide if Pakistan should be excluded from its ‘grey list’, based on a review of Islamabad’s performance to meet global commitments and standards on fight against Money Laundering and Terror Financing (ML&TF).

The FATF plenary was earlier scheduled in June but Islamabad got an unexpected breather after the global watchdog against financial crimes temporarily postponed all mutual evaluations and follow-up deadlines in the wake of grave health risk following the Covid-19 pandemic. The Paris-based agency also put a general pause in the review process, thus giving additional four months to Pakistan to meet the requirements.

In February, the FATF had given Pakistan a four-month grace period to complete its 27-point action plan against ML&TF committed with the international community when it noted that Pakistan had delivered on 14 points but missed 13 other targets. On July 28, the government reported to parliament compliance with 14 points of the 27-point action plan and with 10 of the 40 recommendations of the FATF.

By September 16, however, the joint session of the parliament amended about 15 laws to upgrade its legal system matching international standards as required by the FATF. The government has already submitted its report to the FATF and its affiliated review groups and responded to their comments, detailing compliance with the 13 outstanding action points.

Report by: The Truth International

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