Pakistan expected to be removed from FATF grey list in October

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Pakistan expected to be removed from FATF grey list in October

  • Pakistan achieves big success in 3rd review being held in Australia
  • FATF to announce final verdict in October

In an ongoing evaluation by the Financial Action Task Force and its regional Affiliate -Asia Pacific Group, the positive news has started coming. FATF is currently holding the third round of evaluation in Australia on Pakistan’s progress on compliance in preceding years. Governor State Bank of Pakistan, Ministry of Finance and Financial Monitoring Units Officials are in Australia for the review.

Pakistan has responded to 27-point action plan in its Report submitted to FATF and APG, which is currently reviewing its compliance on areas mainly related to banking and insurance services. The review is based on psat seven years of progress.

Pakistan has previously done extensive lobbying with major Countries including the US, UK, China and Russia in along with Turkey and Saudi Arabia to bring Pakistan off the grey list.

With Pak-US relations turning warm, and the recent visit of high profile US diplomat Alice Wells to Islamabad will finally positively change the US delegate’s opinion at the FATF.

The current review is based on the past five year progress and is expected to be concluded by 23rd August. It is expected that Indian Lobby will resort to bring excuses to keep Pakistan in the Greylist. India has been strongly lobbying with France in FATF.

Pakistan has previously taken stringent steps for complying with FATF like eliminating Hawala system; reforming madaris along with nationalising their money supply; neutralizing foot soldiers of banned outfits and their leaders.

Pakistan has a good prospect of getting the “white” category in mid-October meeting of FATF in Paris.

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