ISLAMABAD: Pakistan’s chances of being blacklisted by the Financial Task Force (FATF) are slim.
According to express news, Pakistan has completed homework on money laundering and terror financing and met all legal requirements. 21 steps have been reported by Pakistan. After which Pakistan will be on the gray list in the Financial Action Task Force. Pakistan implemented 21 of the 27 recommendations, after which its chances of being blacklisted disappeared. In June 2021, Pakistan will be able to get out of the gray list.
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According to diplomatic sources, India politicized the issue and tried its best to blacklist Pakistan and also contacted the FATF member countries. Pakistan has also completed 20% work on the remaining six clauses and 16 queries have been removed from Parliament through legislation.
According to diplomatic sources, the FATF cannot discuss the issues under discussion in the media or in any forum. But India has always violated it. When it is India’s turn, India will have to answer questions.
Sources said that before June, Pakistan will be able to implement the remaining six clauses. However, Pakistan will not be able to come out of the gray list in the plan starting October 23. Pakistan has completed implementation of most of the FATF’s action points regarding anti-money laundering.
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Most of the remaining action points provided by FATF to Pakistan are related to anti-terror financing. The report of FATF’s International Cooperation Review Group acknowledged the implementation of 21 action points of Pakistan. It is hoped that Pakistan will move out of the FATF gray list in the first half of next year.
Pakistan may receive an on-site visit in February next year. During the visit, FATF members will visit Pakistan to review the implementation of action points.
According to sources, the FATF had provided 27 action points to Pakistan for compliance. So far Pakistan has implemented 21 action points. As of February this year, Pakistan had implemented 14 action points.
It should be noted that FATF meetings are held on camera. No country can exchange details of the proceedings of these meetings. Pakistan cannot become a member of the FATF unless it is removed from the gray list. Pakistan was given a deadline of October 2019 to implement the action points, which was later extended.
On the other hand, sources said that the Financial Action Task Force will conduct a mutual evaluation of India in the first half of next year. India’s Mutual Evaluation is likely to examine the involvement of 44 Indian banks in money laundering and terror financing.