FATF meet: Pakistan record on 26/11 will be under scanner

Last week, a meeting of the Asia Pacific Joint Group (APJG) of the FATF reviewed actions taken by Islamabad against terror-financing and money laundering.

The group, comprising nine members including the U.S., U.K, France, Germany, China, India, Australia, New Zealand and Japan had last year recommended that Pakistan would stay on the grey list or “jurisdiction under increased monitoring” as the grey list is known, reports The Hindu.

Sources told the newspaper while Pakistan had made “some progress” on the 27-point action plan, it is “likely” to be retained on the grey list. 

The sources told the Indian newspaper that Pakistan is unlikely to be downgraded to a black list at present as has been speculated, due to several countries including China, “who tried their best to support Pakistan’s poor performance” at the APJG. 

On Thursday, China’s outgoing Ambassador to Pakistan Yao Jing said the October meeting of the FATF would “go well” for Pakistan, according to a readout of his farewell call on Pakistan’s Economic Advisor Abdul Hafeez Shaikh in Islamabad, reported The Hindu.

FATF and Pakistan:

The Financial Action Task Force (FATF) is the global money laundering and terrorist financing watchdog.

The inter-governmental body sets international standards that aim to prevent these illegal activities and the harm they cause to society, read the official website.

As a policy-making body, the FATF works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.

FATF placed Pakistan in the grey list in June 2018 and asked for compliance of 27 action plans to come out from the scrutiny list until Sept 2019.

Pakistan has so far been given three times extension of three months, every time to comply with 27 action points, The News International reported.

Out of 27 points, the FATF had declared Pakistan fully compliant on 14 points and now there is the deadline of October 2020 for complying with the remaining 13 points, reported the Pakistani newspaper.