ISLAMABAD: A virtual meeting of the Financial Action Task Force (FATF) will be held today (Monday) to review Pakistan’s progress on its action plan.
The meeting is expected to make a final decision on whether to keep Pakistan on its grey list or move it out.
FATF has given Pakistan ample time to make progress on the action plan handed to the country.
The Paris-based Financial Action Task Force had placed Pakistan on the grey list in June 2018 and asked Islamabad to implement a plan of action to curb money laundering and terror financing by the end of 2019 but the deadline was extended later on due to COVID-19 pandemic.
Over the last two years, Pakistan has made significant progress to address many legislative gaps that have risen on FATF’s agenda.
In February 2020, the organization expressed reservations over “Pakistan’s failure to complete its action plan in line with the agreed timelines and in light of the terrorist financing risks emanating from the jurisdiction.”
The FATF in its statement said it while Pakistan had completed 14 out of 27 action items, the forum strongly urged Pakistan to “swiftly complete” its full action plan by June 2020.
Pakistan is confident of the progress made after the last meeting. Pakistan’s Foreign Minister Shah Mahmood Qureshi told the Senate last week that he expects a decision “in favor of Pakistan.