On October 21, Pakistan, which has topped the dreadful record for more than four years, is anticipated to be removed from the Financial Action Task Force (FATF) grey list.
The money-laundering watchdog’s 15-person team finished its on-site visit to Pakistan on September 2, according to Dawn, and the final decision about Pakistan’s inclusion on the “grey list” is now anticipated at its upcoming meeting, which will be held in Paris this week.
The Working Group and Plenary meetings in Paris will be attended by panellists from 206 Global Network members and observer organisations, including the International Monetary Fund, the United Nations, the World Bank, Interpol, and the Egmont Group of Financial Intelligence Units.
Pakistan’s position would be decided upon after the two days of discussion. The plenary meetings will consider the report on Pakistan by the FATF Onsite team.
According to Pakistani authorities, after four years of diligent work, the nation has not only attained a high level of technical compliance with FATF standards, but has also significantly increased its effectiveness through the implementation of two extensive FATF action plans.
It’s important to note that the FATF determined that Pakistan was largely in compliance with all 34 problems in June of this year and chose to deploy a team on the ground to confirm it before publicly confirming the nation’s removal from the grey list in August and September.
Pakistan ranks among the top FATF-compliant nations in the world with a rating of “compliant or generally compliant” for 38 of the 40 recommendations.
On June 28, 2018, Pakistan was formally added to the FATF grey list for the third time. Since then, Pakistan has been fighting to be removed from the list.