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

Islamabad: Four years after it was placed on the “grey list” of the Financial Action Task Force (FATF) for financing of terrorism and money laundering, Pakistan is finally set to see its name off the list after it was found to be compliant in the action plan set out by the global financial watchdog.

The decision to strike off the South Asian nation from the list is likely to be taken when the financial crime watchdog meets in Paris from October 18 to 21.

The global financial watchdog had set out an action plan of 34 points for Pakistan, of which 27-point action plan was related to terror financing and 7-point action plan was related with money laundering.

In its statement after the plenary in June, the FATF, in a statement said: “At its June 2022 Plenary, the FATF made the initial determination that Pakistan has substantially completed its two action plans, covering 34 items, and warrants an on-site visit to verify that the implementation of Pakistan’s AML/CFT reforms has begun and is being sustained, and that the necessary political commitment remains in place to sustain implementation and improvement in the future.”

Pakistan has been on the grey list of the FATF since June 2018 for failing to check money laundering, leading to terror financing.

Having failed to get off the grey list, Islamabad has faced problem in receiving financial aid from the International Monetary Fund (IMF), the World Bank, the Asian Development Bank (ADB) and the European Union, thus further enhancing problems for the country.

Image courtesy of (Photo: Wikipedia)

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