Pakistan

FATF reviews Pakistan’s 100% compliance report

Decision on exit from FATF expected today

Irshad Ansari October 21, 2021

ISLAMABAD:

Pakistan implemented all the 27 points proposed by the Financial Action Task Force (FATF), after which there remained no justification for the international watchdog to continue keeping the country in its grey list, sources in the finance ministry said on Wednesday.

The sources said that Pakistan had fully complied with the terms of the FATF and “now we are waiting for the decision of the FATF, which is expected sometime in the night (Wednesday) or tomorrow (Thursday)”.

Pakistan’s agenda was completed on Wednesday during the ongoing three-day FATF meeting in Paris. The meeting reviewed the progress made by Pakistan on measures against money laundering and terror financing, the sources said.

Read Pakistan is test case for FATF’s fairness: law minister

“The 100% compliance report submitted by Pakistan states that Pakistan has completed the implementation of the remaining last point,” a source said. “The decision to remove from or retain the name on the grey list will now be based on the progress [report],” the sources added.

Speaking about the progress report, the sources said that about 150 people had been convicted in money laundering cases, while Pakistan had overcome the terrorism financing issue. Besides, there had not been any major terrorist incident in the country for quite some time.

In addition, law had been amended to punish those involved in money laundering, while recently the Federal Board of Revenue (FBR) had been given the power to freeze suspected bank accounts. Also there had been progress in monitoring professions such as real estate, lawyers, accountants etc.

COMMENTS (7)

Zulfiqar | 3 years ago | Reply Pakistan Govt need to revise laws in a way to finish loophole used by criminals money launderers terrorist drug human traffickers. Ofcource with recommendation of law and financial experts. Beating Bush about judiciary Bribery and by calling bitches of riches is no more beneficial and will never be. What are recommendation of executive committee on individual cases.

Subhi M | 3 years ago | Reply FATF decissions are made by consensus by the member countries and if majority of the country feels that the progress is not up to the mark single country like India cannot do much or influnce.

VIEW MORE COMMENTS

Naeem A | 3 years ago | Reply FATF has now governed with political agenda s rather than professional. When India has already admitted their political involvement in keeping Pakistan in Grey List then the effectiveness cogency of FATF has big question mark. My question to the big wig of FATF is how many countries in White List has completed all the elements which has been demanded from Pakistan. As per my knowledge there are lot many countries in White List who has pending issues since many years and yet they are in White List. Is not it a DISCRIMINATION and BIGOTRY against Pakistan.

MD Umair Khan | 3 years ago | Reply If they re going to keep Pak in FATF then they ll only expose their double standards. Either way hoping for the best. Kudos to state for taking practical steps against terrorism.

Usman | 3 years ago | Reply It s a good sign that Pakistan is all set to come out of FATA gray list. All the 27 points given by the body have been mostly fulfilled By Pakistan. But if the given 27 points of demands not accomplish international standards then what will be the next strategy of from Pakistan side

Major Gaurav Arya | 3 years ago | Reply Pakistan likely to remain in Grey List till 2022 for sponsoring terrorism cross border terror. Inshallah

Adnan Anwar | 3 years ago | Reply Pakistan needs a proper real estate board to oversee realtors and transactions. All real estate transactions need to flow through the board and financial transactions through trust accounts that need to be audited monthly by auditor.

Replying to X