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Money laundering: White or grey list? FATF set to decide Pakistan's fate today

muzaffarrizvi@khaleejtimes.com Filed on June 25, 2021
AFP

Pakistan is confident it will be added to the 'white


The Paris-based Financial Action Task Force (FATF), in its plenary session taking place later on Friday (June 25), is set announce its decision on whether or not it will take Pakistan off the 'grey list'.

The FATF has been holding a virtual session in Paris since June 21 and it will conclude today.

Pakistan is confident it will be added to the 'white list' as it has fulfilled 26 out of 27 action items required by the FATF. The country, which was put on the grey list by the financial watchdog in June 2018, has been grappling with FATF’s strict monitoring system, despite making significant progress on the agendas given to any FATF member country.

In a statement on Wednesday, Pakistan's Foreign Minister, Shah Mahmood Qureshi, said, there was no longer any justification to keep Pakistan on the grey list as the country had fulfilled 26 out of 27 action items of the FATF.

"Pakistan has fulfilled maximum technical requirements regarding FATF," said the foreign minister.

Qureshi minister said the steps taken by Pakistan include the promulgation of strict laws against money laundering, freezing of assets, and filing of cases against banned organisations.

Resultantly, the Asia Pacific Group on Money Laundering improved Pakistan’s rating against money laundering and terror financing. Moreover, the EU-Pakistan Joint Commission has welcomed the country's progress in the implementation of FATF points.

Dr Ashfaq Hassan Khan, a member of the Economic Advisory Council, which is headed by Pakistan Prime Minister Imran Khan, said the country now deserves to be included in the FATF 'white list'.

“If a decision is taken on merit, then Pakistan should be out of the grey list. But the decision is likely to be taken based on international politics. Pakistan will most probably remain in the grey list for which the country will hold US, France and Germany responsible," Dr Khan told Khaleej Times.

muzaffarrizvi@khaleejtimes.com

author

Muzaffar Rizvi

Business Editor/News Editor of Khaleej Times is a well-connected journalist and an economic and financial commentator. He has been in the mainstream journalism since 1997, covering the UAE's economy and key sectors. He holds a post-graduate degree in Economics and has won many awards for authentic and insightful reports on global and regional businesses and economic trends.





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