PARIS – Financial Action Task Force (FATF) will review Pakistan’s case today and make a decision if to put the country on “grey-list”. The FATF meeting is taking place in French capital from June 24 to June 29.
FATF is a global body which combats terrorist financing and money laundering.
Caretaker Finance Minister Dr Shamshad Akhtar and official of the financial monitoring unit will present Pakistans case and inform the FATF about steps taken by the country to stem money laundering and terror financing. The Pakistani delegate is set to arrive in Paris today and will put forward a strong case on not placing its name on the greylist.
The decision to place Pakistan on FATF’s grey list was made during a plenary meeting in February 2018.
Ever since then, the country took steps in keeping with the regulations of FATF. On June 8, the National Security Committee (NSC) reaffirmed its commitment to cooperate with FATF recommendations. The Securities and Exchange Commission of Pakistan issued Anti Money Laundering and Countering Financing of Terrorism Regulations 2018 on June 20, in compliance with FATF recommendations.
This isn’t the first time Pakistan has faced restrictions by FATF. The country was placed in the greylist for three years; from 2012-2015.
What does it mean to be on the grey list
Being on the greylist will affect country’s economy, potential future borrowing from International Monitaory Fund (IMF), and downgrade Pakistan’s debt rating.