Fate beneath scanner: FATF to resolve if Pakistan stays in ‘grey list’

Pakistan’s destiny on the Financial Action Task Force (FATF) will probably be beneath the scanner this week, as the worldwide financing watchdog is holding its plenary session starting Monday.
Decision will probably be made on whether or not Islamabad stays on the gray record or will get out of it, though New Delhi has been pushing for its blacklisting for the final three years.
“Under the German Presidency of Dr Marcus Pleyer, delegates representing 205 members of the Global Network and observer organisations including the International Monetary Fund, the United Nations and the Egmont Group of Financial Intelligence Units will take part in the virtual meeting of the FATF Plenary,” FATF mentioned in a press release on Monday.
The end result will probably be introduced on June 25.
During 5 days, they’ll talk about key points to strengthen world motion towards monetary flows that gas crime and terrorism, the FATF acknowledged.
The Asia Pacific Group on Money Laundering has retained Pakistan on “enhanced follow-up” standing for excellent necessities, and Islamabad will proceed to report again to it on the nation’s progress to strengthen its implementation of anti-money laundering and combating financing terror measures.

Pakistan was placed on the gray record by the Paris-based FATF in June 2018, and the nation has been struggling to come back out of it. The Asia Pacific Group (APG) is a regional affiliate of FATF.
The second Follow-Up Report (FUR) on Mutual Evaluation of Pakistan launched by APG additionally downgraded Pakistan on one standards.
The FATF assertion mentioned they’ll hear the progress made by some jurisdictions recognized as presenting a threat to the monetary system.
The FATF will finalise key stories, together with on cash laundering and environmental crime, ethnically and racially motivated terrorist financing and two stories that discover the alternatives that expertise can provide to enhance anti-money laundering and counter-terrorist financing efforts. It can even finalise its second 12-month evaluation of the implementation of revised FATF Standards for digital belongings and digital asset service suppliers, and steerage on proliferation financing threat evaluation and mitigation.

The outcomes of the FATF plenary will probably be revealed on June 25 on the shut of the assembly, it was acknowledged.
Pakistan is now compliant or largely compliant with 31 out of 40 FATF suggestions. The reporting date for this analysis was October 1, 2020, which implies Islamabad might have made additional progress since then that will be evaluated at a later stage.