FATF ‘grey list’: Review of Pakistan’s case expected today

PARIS: A review of Pakistan’s case is expected today at the meeting of the Financial Action Task Force (FATF) in Paris, which is scheduled to begin at 1pm PST.  

Pakistan may be placed on the FATF “grey-list” during the crucial six-day meeting under way from June 24 to 29 in the French capital.

Caretaker Finance Minister Dr Shamshad Akhtar arrived in Paris earlier today along with officials of the financial monitoring unit to fight the country’s case. 

The Pakistani delegation will apprise the meeting of steps taken by the country to stem money laundering and terror financing, and put up a robust case on not placing its name on the grey list.

The decision to place Pakistan on the global money-laundering watchdog’s grey list was made during a FATF plenary meeting in February this year.

Ahead of the latest meeting, the country took steps in keeping with FATF regulations. On June 20, the Securities and Exchange Commission of Pakistan issued Anti Money Laundering and Countering Financing of Terrorism Regulations 2018, in compliance with FATF recommendations.

Earlier on June 8, the National Security Committee (NSC) reaffirmed its commitment to cooperate with FATF.

“The committee reaffirmed the commitment of the country to work with FATF and other international organisations in achieving common goals and shared objectives,” a statement issued by the Prime Minister Office on the NSC meeting said.

Pakistan was also placed on the FATF grey list from 2012 to 2015.

FATF is a global body that combats terrorist financing and money laundering.

Pakistan has been scrambling in recent months to avoid being added to a list of countries deemed non-compliant with anti-money laundering and terrorist financing regulations by the FATF, a measure that officials fear could hurt its economy.