Pakistan will remain on the ‘Grey List’ till the next FATF meeting in April 2022
The Financial Action Task Force (FATF) has decided to continue placing Pakistan on the ‘grey list’ as the 3-day meeting of the task force ended on Thursday. All eyes are on whether Pakistan will be on the ‘Black List’ for promoting terrorism or will continue to be in the ‘Grey List’ as before. According to a media report, the global money laundering and terror financing watchdog will meet for its next session in April 2022. The Paris-based Financial Action Task Force (FATF) was in session for three days from October 19 to 21. Reports say the global body’s decision to take Pakistan out of the ‘grey list’ may be taken in the next session scheduled for April 2022.
The FATF placed Pakistan on its ‘grey list’ in June for failing to stop money laundering, which led to terror financing, and ordered Islamabad to list senior leaders and commanders of UN-designated terrorist groups including Hafiz Saeed and Masood Azhar. asked to investigate and prosecute. It also asked Pakistan to work to address its strategically important shortcomings.
The FATF said in a statement on Monday that virtually connected delegates will be among those able to travel to Paris for three days of meetings, during which they discuss key issues to strengthen global action against financial flows. Those who encourage crime and terrorism.
The FATF said it will finalize key reports, including revised guidance on virtual assets and their service providers, and discuss next steps to strengthen its standards on transparency of beneficial ownership.
Delegates will also discuss the results of the FATF’s survey to identify areas where there is friction for cross-border payments due to different anti-money laundering and counter terrorist financing rules or their implementation.
The FATF is working on this aspect of the G20’s priority to improve cross-border payments.
The FATF, which will announce the results of the plenary session on October 21, will also update its statements identifying jurisdictions with strategic deficiencies in their measures to combat money laundering and terrorist financing.
Pakistan was placed on the gray list by the FATF in June 2018 and given an action plan to complete it by October 2019.
The country has since remained on that list due to its failure to comply with FATF orders.
With Pakistan remaining in the gray list, it is becoming increasingly difficult for the country to get financial aid from the International Monetary Fund (IMF), the World Bank, the Asian Development Bank (ADB) and the European Union, thus causing problems for the country and increases. .
Till now Pakistan has been avoiding being blacklisted with the help of China, Turkey and Malaysia.
The FATF is an intergovernmental body established in 1989 to combat money laundering, terrorist financing and other related threats to the integrity of the international financial system. The FATF currently has 39 members, including two regional organizations – the European Commission and the Gulf Cooperation Council.
India is a member of the FATF Consultative and its Asia Pacific Group.
(with PTI inputs)
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