Apparently, getting exit from the FATF gray list has become the most challenging task for the government. However, in this regard, the most crucial meeting will be held later this month. Furthermore, the discussion decides the fate of Pakistan’s position in the gray list.
To attend this notable event, a strong team of Pakistani officials has landed in Beijing. The team will brief the Financial Action Task Force’s (FATF) Working Group. Moreover, the delegation headed by Minister of Economic Affairs Hammad Azhar will describe the country’s performance to the global watchdogs.
Furthermore, strong sources claimed that there is a high possibility that they might hold a poll to remove the name of Pakistan from the “grey list.” However, the talks with FATF officials are scheduled to initiate from 21 January.
FATF Gray List and Pakistan’s Fate
Certainly, the positive scenario for Pakistan’s side is that if it is unable to get clarification regarding efforts to curb terror financing and money laundering then it manages a ‘largely-compliant’ rating from the FATF on the basis of their implementation of the “Action Plan.”
Although, the action plan consisted of 27 recommendations that were given to Pakistan by FATF last year. Now it’s the time of evaluation. The global watchdog will now evaluate Pakistan’s efforts on it. And if Pakistan will not succeed in convincing the authority regarding the implementation of tasks, then they get more time from the FATF for full compliance.
“If Pakistan does not come out of the ‘grey list’, it is expected to win a ‘largely-compliant’ rating from the FATF regarding the implementation of 27 recommendations given in its Action Plan that can help it acquire more time from the watchdog for full compliance.” said by a source.
Prior to this, Pakistan had already submitted a 650-page report in January. However, the report is the response to the 150 questions raised by the monitoring body.
Previous Meeting with FATF
Previously, the FATF warned Pakistan that they would be placed on the blacklist if it did not comply with the remaining 22 out of 27 points. These points are related to anti-money laundering and counter-terrorist financing identified by the watchdog. Meanwhile, India tried so hard to put Pakistan in the blacklist. But in the end, they had failed to convince the world powers. Later on, Pakistan managed to escape the blacklist with the help of China, Malaysia, Turkey, Saudi Arabia, and Middle Eastern countries.
“India is trying hard to move Pakistan to the ‘black list’, but [our] expected support from China, Turkey, and Malaysia would pour cold water on its efforts,”
However, this time, Pakistan also urges the US to help get Pakistan out of the grey list. Above all, Pakistan was put on the grey list by the Paris-based Financial Action Task Force (FATF) in June last year. Moreover, got a plan of action to complete it by October 2019.