Pakistan likely to exit anti-terror FATF's grey list

Islamabad, October 17

Pakistan is likely to exit the grey list of the Financial Action Task Force (FATF) this week after it was placed in the infamous category since 2018 for failing to check money laundering and terrorist financing, a media report said on Monday.

Pakistan was included in the increased monitoring list in June 2018 for deficiencies in its legal, financial, regulatory, investigations, prosecution, judicial and non-government sector to fight money laundering and combat terror financing considered serious threat to global financial system, Dawn reported.

The Paris-based global watchdog on money laundering and terrorist financing said that the “first FATF Plenary under the two-year Singapore Presidency of T Raja Kumar will take place on October 20 and 21”. Pakistan has made high-level political commitments to address these deficiencies under a 27-point action plan. But later, the number of action points was enhanced to 34.

The country had since been vigorously working with the FATF and its affiliates to strengthen its legal and financial systems against money laundering and terror financing to meet international standards in line with 40 recommendations of the FATF.