ISLAMABAD: The Financial Action Task Force (FATF) will today announce its decision on whether or not it will take Pakistan off its grey list.
The FATF has been holding a virtual session in Paris since June 21, which concludes today June 25. As per reports, the task-force reviewed the Asia Pacific Group’s report on Pakistan’s compliance with the watchdog’s prescribed action items.
The FATF had held a session on June 23 to decide whether or not it will keep Pakistan in the grey list.
The decision will be announced during a press conference at 5:30pm today.
‘No justification to keep Pakistan on grey list’
Foreign Minister Shah Mahmood Qureshi, a day earlier, said there was no longer any justification to keep Pakistan on the grey list as the country had fulfilled 26 out of 27 action items of the FATF.
In a statement — two days after FATF’s five-day virtual meeting began in Paris — the foreign minister said that Pakistan had fulfilled the anti-money laundering watchdog’s maximum technical requirements.
Qureshi had accused India of making attempts to misuse the forum for political purposes, saying New Delhi has indulged in continuous anti-Pakistan propaganda.
“Pakistan has taken concrete steps to curb money-laundering and terrorist financing,” he said.
He had pointed out that Pakistan “inherited” the problem of the FATF grey-listing from the previous regime, however, the incumbent government has done its best to bring the country out of it.
The foreign minister had said the world was acknowledging Pakistan’s efforts in the implementation of the FATF Action Plan.
The steps taken by Pakistan include the promulgation of strict laws against money laundering, freezing of assets, and filing of cases against banned organisations.
Resultantly, the Asia Pacific Group on Money Laundering improved Pakistan’s rating against money laundering and terror financing. Moreover, the Pakistan European Union Joint Commission had also welcomed the country’s progress in the implementation of FATF points.
In February, the FATF had said Pakistan will remain on the grey list till June, saying the country remains under “increased monitoring” when it comes to terror financing.
The watchdog had reviewed steps taken by Pakistan against terror financing during a three-day virtual meeting.
FATF President Dr Marcus Pleyer had said that while the FATF recognises Pakistan’s counterterrorism efforts, there were still some serious deficiencies that the country needs to address.
“Out of the 27 conditions of the action plan, three still need to be addressed,” he had said. “I recognise Pakistan’s efforts, and out of the six tasks that it had to complete, three had been done, but it substantially needs to work on the remaining three in terms of terror financing.”
