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Pakistan will remain on the FATF Gray List until June: President of FATF

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Pakistan will remain on the FATF Gray List until June: President of FATF

The Financial Action Task Force (FATF) has announced on Thursday that Pakistan will remain in its “Gray List” until June 2021.

The President of the FATF, Dr. Marcus Pleyer, while making the announcement, said the global financial vigilante has found that Pakistan has completed 24 of 27 points related to terrorism financing.

At the conclusion of the 4-day plenary meeting of the Financial Action Working Group (FATF), the World WatchDog President has announced the decisions of the FATF meeting at a news informational meeting at 9:45 p.m. Pakistan Time.

In the last plenary session in October 2020, the FACIF announced that Pakistan would remain on the gray list for the 6 remaining targets of the 27-point action plan to combat money laundering and the prevention of terrorist financing for February 2021.

The last review also found deficiencies in the performance of the UN Security Council in Pakistan to decipher terrorist organizations and banned individuals, and cracking in drug trafficking and jewelry.

The conversations behind the scenes with key officials and foreign ambassadors on the recent meeting showed that the jury is divided, with the officials who claim considerable progress for a positive result, but some ambassadors suggested that at the best scenario. Pakistan will also remain in the list of additional clocks until June.

Before the plenary meeting, which begins on February 21, the FAICE on Monday informed all countries on general performance.

On the basis of this development, Pakistan is demonstrating a better performance in the 2 of the 40 recommendations, the financing systems against money laundering and against terrorism against terrorism.

He said Pakistan’s progress in 4 areas of non-compliance, special implementation in 25 cases and the implementation of 9 recommendations to a large extent.

However, the plenary meeting was expected to review Pakistan, not on the basis of 40 recommendations, but on the basis of a 27-point action plan.

Diplomats had said that this time they did not see the same aggressive diplomatic efforts by Islamabad as in the past, especially before the October 2020 plan.

He had said that all the options, including the blacklist, Pakistan, which kept her on the gray list or eliminating from the gray list, could be discussed at the plenary meeting.

However, Pakistan is likely to be not on the blacklist, since the three members of FATF, China, Turkey and Malaysia, can resist all the pressure to lower the country.

It depends not only on the friendly relationship, but also on performance.

“From our point of view, we have completed all the action points that tell Pakistan what to do, but sometimes some influential countries can increase the objections at a point where no one considers legitimate,” said an official.

It can be remembered that Pakistan has been on the Gray FATF list since June 2018 due to the prevention of terrorism financing and deficiencies in the money laundering regime.

The conversations behind the scenes with the officials in question show that Pakistan is confident that, since it has taken measures against several religious, and arrested and punished extremist individuals, it will be eliminated from the gray list.

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