FATF to remove Pakistan from grey list

Islamabad, 21 October 2022 (TDI): The Financial Action Task Force (FATF) is likely to remove Pakistan from the grey list today after the meeting in Paris. FATF will meet in Paris today to review the implementation of its action plan by Islamabad.

Pakistan in FATF’s grey list

The Financial Action Task Force grey-listed Pakistan in 2018 for deficiencies in its system to curb money laundering and terror financing.

Moreover, two of the Pakistani banks, Habib Bank Limited and National Bank of Pakistan, paid $225 million in 2017 and $55 million in 2022 respectively in fines.

These fines were imposed by US regulators for compliance failures and anti-money laundering violations.

First plenary of FATF

The first FATF Plenary under the two-year Presidency of Raja Kumar will take place on 20-21 October in Paris.

Delegates from all over the world from different institutions will participate in the Working Group and Plenary meetings in Paris.

The Plenary will discuss a report on the laundering of illicit proceeds generated from fentanyl and other synthetic opioids. The Minister of State for Foreign Affairs of Pakistan, Hina Rabbani Khar, is in Paris to attend the crucial FATF first plenary.

Pakistan is likely to exit the FATF’s infamous grey list after a period of four years as it has successfully complied with the 34-points action plan related to terror financing and money laundering.

Also Read: Pakistan’s Success Story at FATF

Pakistan only needs 12 out of 39 votes to exit the grey list and move to the white list. The President of FATF, Raja Kumar, will also address a news conference after the meeting.

In the conference, he is likely to announce the removal of Pakistan from FATF’s grey list. The FATF also appreciated Pakistan for substantially completing its two action plans.

A 15-member FATF delegation also visited Pakistan and held meetings with the country’s leadership. The delegation comprised FATF’s counter-terrorism experts.