FATF likely to give Pakistan time till October to exit the grey list

Pakistan is likely to be given further time to October to exit from the Financial Action Task Force (FATF) grey list, it was learnt here on Thursday.

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The decision regarding Pakistan’s stay or exit from the grey list is expected today (Thursday) at the ongoing FATF plenary in Paris. As per reports, Indian attempts to blacklist India foiled after no country supported India’s attempt to blacklist Pakistan.

It was learned that Indian demand for member countries to blacklist Pakistan, which was rejected.

The FATF members praised Pakistan for taking effective steps, countering money laundering, and terror financing. The FATF expressed satisfaction with Pakistan’s performance report. As per reports, Pakistan has fully implemented 14 out of 27 points of FATF recommendations.

Meanwhile, the FATF members have called for more steps to be taken to get Pakistan out off the grey list. Pakistan has made effective legislation to exit the gray list, it was learnt. Meanwhile, the FATF has said Pakistan must ensure the implementation of money laundering laws.

The Pakistani delegation is being led by the Federal Minister for Economic Affairs Hammad Azhar, who is also accompanied by officials of the Ministry of Finance, the State Bank, and the Federal Board of Revenue (FBR).

Earlier, the Ambassador of Netherlands to Pakistan Willem Wouter Plomp extended their support to Pakistan at the FATF review, during a meeting with Speaker National Assembly Asad Qaiser. The envoy appreciated Pakistan for its measures taken against money laundering and terror financing.

More than 800 representatives from 205 countries and jurisdictions around the world, the IMF, UN, World Bank and other organizations are participating in these meetings.

The ongoing plenary will decide Pakistan’s fate regarding if it will stay into grey list or not.

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