Pakistan eyes exclusion from grey list as fatf meets today

▪ Turkey and Malaysia assure Pakistan that the country's name could not be placed on the blacklist without their votes

THE Financial action Task Force (FATF) will engage in a three-day meeting wherein it will discuss the status of Pakistan as the country could finally be removed from the grey list on a merit basis, after a review of the steps taken by the nation against money laundering and terror financing.

The virtual meetings will be hosted in Paris and multiple countries, including Pakistan, will come under review. officials have expressed confidence that Pakistan would be removed from the grey list as long as the decisions are based on merit.

FATF has reportedly appreciated the steps taken by Pakistan in its attempts to comply with the demands of the global watchdog. FATF commended the steps and conceded that progress had been made in terms of money laundering and terror financing, but islamabad would have to ensure full implementation at all points.

Pakistan was placed on the grey list by FATF in June 2018.

back in october, the FAFT had acknowledged Pakistan’s progress, wherein the country had fulfilled 21 of the 27 conditions that it had been presented with. at the time, FATF President dr Marcus Pleyer had said that once the remaining conditions are met, an “on-site visit” will be approved, for which a FATF team will visit Pakistan.

“as soon as the plenary decides that Pakistan has completed all the 27 items, then an onsite visit will be made. after that, it will be decided whether the country will be allowed to exit the grey list or not,” dr Pleyer had said.

The country confronted the issues of money laundering and terror finance when the incumbent government in 2020 got three laws — the anti-Money laundering (second amendment) bill-2020, antiTerrorism act (ATA) (third amendment) bill2020 and islamabad capital Territory waqf Properties bill-2020 — passed in a joint sitting of parliament.

“To date, Pakistan has made progress across all action plan items and has now largely addressed 21 of the 27 action items,” a statement issued by the global watchdog in 2020 had said.

Pakistan had already complied with the six recommendations and also submitted details to the FATF secretariat, dawn reported, and these progress of Pakistan’s legislation would come under evaluation during the upcoming meetings. on the other hand, a senior Pakistani journalist in Paris, younis khan, has claimed that the host country intends to keep Pakistan on the grey list and that other european countries are in support of this decision.

To this effect, it is unclear whether the FAFT would review the 27 aforementioned conditions alone, or would impose new directives on Pakistan. however, officials have expressed confidence that Pakistan, even it does not meet the requirements to be removed from the grey list, would not be knocked down to the blacklist.

There has also been speculation that the united states would lobby for the continuation of Pakistan on the blacklist after the acquittal of daniel Pearl’s main accused in the murder case that was heard in the supreme court (SC) of Pakistan.

regarding the matter, Turkey and Malaysia assured Pakistan that the country’s name could not be placed on the blacklist without their votes.

The decisions taken during the upcoming virtual meeting will be announced on February 25, 2021.