FATF decides to put Pakistan on gray list again
Paris: The Financial Action Task Force (FATF) has decided to put Pakistan on the gray list once again.
The three-day meeting of the FATF ended in Paris. The FATF meeting reviewed the progress made by the Government of Pakistan on the 27th condition, while discussing key issues to strengthen global action against crime and terrorist financing, money laundering and punishment of terrorists. Pakistan’s performance was also examined.
According to FATF, Pakistan has made significant progress in eliminating money laundering. In this regard, Pakistan has fulfilled 4 out of 6 conditions while progress is being made on the remaining three points.
FATF has decided to keep Pakistan on the gray list till February next year after reviewing the steps taken so far by Pakistan on money laundering and terrorist financing. FATF said that he thanked the government of Pakistan for its full cooperation.
Talking to media after the meeting, President Marcos Player said that Pakistan would remain on the gray list. Yes, Pakistan as a whole is performing well on this new action plan, 4 out of 7 points of the action plan have been implemented, including financial amendments to the authorities and legal amendments for international cooperation.
He said that Turkey needs to improve its anti-money laundering laws, Zimbabwe performed better, Mali, Jordan and Turkey improved their systems, removed Mauritius from the gray list, and invested in offshore companies. Investigations are underway, money laundering capital in offshore companies will be reviewed, joint efforts are being made to curb money laundering, Pandora Papers has also assisted in curbing money laundering.
Regarding the FATF meeting, the Ministry of Finance has issued a statement stating that the meeting decided to keep the situation in Pakistan as it is for some time and worked hard to implement the remaining points of both the action plans. Gone, FATF will take the next look at Pakistan’s progress in February 2022.
Sources said that despite completing the implementation of 27 points, it was decided to keep Pakistan in the gray list.