BERLIN – The Financial Action Task Force (FATF) declared on Friday that Pakistan has “largely fulfilled” its two action plans and will be removed from the grey list once the on-site inspection is finished.
Pakistan, on the other hand, has not been formally removed off the FATF’s grey list and may be removed if the watchdog pays a visit to the country.
The FATF said, “The FATF will continue to monitor the COVID-19 situation and undertake an on-site inspection as soon as practicable.”
The watchdog highlighted that Pakistan has maintained its political commitment to tackling both terror funding and money laundering since June 2018, when it made a high-level political commitment to engage with the FATF. As a consequence of the actions, tremendous progress was made.
“In particular, Pakistan has demonstrated that terror financing investigations and prosecutions target senior leaders and commanders of UN-designated terrorist groups and that the number of money laundering investigations and prosecutions being pursued in Pakistan is increasing in line with Pakistan’s risk profile.” Pakistan also “essentially addressed its 2021 action plan ahead of schedule,” according to the FATF.
After passing an on-site inspection, Pakistan will be removed from the grey list.
Following the plenary meeting, FATF President Dr Marcus Pleyer addressed a news conference, noting that Pakistani authorities had put in a lot of effort.
“I’m happy to report that they [Pakistan] have mostly completed all 34 action items from their combined two action plans. Pakistan will remain on the grey list for the time being. If the nation passes the on-site inspection, it will be removed from the list, according to Dr. Pleyer.