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Wednesday Jun 27 2018

Finance minister pleads removal of Pakistan's name from FATF grey list

Dr Shamshad Akhtar. Photo: File

PARIS: Interim Finance Minister Dr Shamshad Akhtar on Wednesday requested the Financial Action Task Force (FATF) to remove Pakistan from its grey list.

FATF is a global body that combats terrorist financing and money laundering. The decision to place Pakistan on the global money-laundering watchdog’s grey list was made during its plenary meeting in February this year.

As the crucial meeting of FATF went under way today, the Pakistani delegation — led by Akhtar — apprised the watchdog 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.

According to sources, Pakistan is likely to be granted more time to implement necessary measures to be compliant with anti-money laundering and terrorist financing regulations by the FATF. 

The six-day meeting of the watchdog is under way from June 24 to 29 in the French capital.

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. 

The country 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.


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