FATF gives Pakistan time until October to exit ‘grey list’: sources

[Shahzaz ud din]

FATF gives Pakistan time until October to exit ‘grey list’: sources
By Irshad Ansari
Published: February 21, 2020
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Formal announcement to be made at the end of Paris plenary on Friday. PHOTO: FATF

ISLAMABAD: Pakistan is likely to stay on the “grey list” of the Financial Action Task Force (FATF), which has agreed to give Islamabad time until October to fully implement the 27-point Action Plan given by the global financial watchdog, according to sources.

The decision will be announced on Friday at the end of the FATF plenary, which is currently ongoing in the French capital of Paris.

FATF, also known by its French name Groupe d’action financiere, is an intergovernmental organisation founded in 1989 on the initiative of the G7 to develop policies to combat money laundering.

The FATF plenary pored over a report submitted by Pakistan detailing progress on the implementation of the 27-point Action Plan, according to sources in the finance ministry.

Noting compliance on 14 points, the global financial watchdog agreed to give Pakistan more time – until October 2020 – to fully comply with the remaining 13 points, the sources told Daily Express. Until then, Pakistan will remain on the “grey list”. The decision will formally be announced on Friday.

Pakistan eyes removal from FATF grey list

The sources said that the meeting has asked Pakistan to improve prosecution and conviction in terror-financing cases. It has also called for effective legislation to curb money laundering.

The decision might come as a huge disappointment for India which has been lobbying to get Pakistan “blacklisted” by FATF. Last year, Prime Minister Imran Khan said in an interview with Al Jazeera TV that India wanted to bankrupt Pakistan and push it into the FATF blacklist.

During the ongoing Paris plenary, the Indian media, its English language television channels in particular, have been running a concerted smear campaign against Pakistan in an attempt to influence the FATF deliberations.

Islamabad has repeatedly urged the global financial watchdog to take notice of India’s relentless malicious campaign against Pakistan and its attempts to politicise the FATF proceedings.

Read more: FATF , Latest , Pakistan

 

[Chakar The Great]

What non sense.

 

[Rizwan Alam]

I will take it as a blessing. The govt has got the opportunity to make and enforce new laws to curb Hawala Hundi and other sources to launder money out of Pakistan. It will make illegal import really tough and we can keep our reserves healthy and well checked.

 

[PakSword]

So out of 27, only 14 action plans have been implemented so far? If true, why the hell government gets confident before any FATF meeting?

 

[AZ1]

So out of 27, only 14 action plans have been implemented so far? If true, why the hell government gets confident before any FATF meeting?

Govt was confident that they will not get black listed and further may be in white list. Its good for country these plans.

 

[That Guy]

What non sense.

Not really, it was expected.
Pakistan will likely exit the grey list by the end of the year, but everyone pretty much expected Pakistan to remain in the grey list this time around.

Woth 14 points fully implemented, there is significantly less pressure towards Pakistan now, and that pressure is gonna get less and less, the more Pakistan continues to increase its compliance.

 

[Sugarcane]

Why Western heavens for money launderers, terrorists and looters aren't in grey/black lists?

 

[Bilal.]

So out of 27, only 14 action plans have been implemented so far? If true, why the hell government gets confident before any FATF meeting?

If I understand, 14 have now been fully complaint, it was only 5 in last review. Rest are partially compliant and are in process. Believe me it is a HUGE blessing for our country otherwise our lazy *** state would sit around and do nothing. It has helped document the economy, reduce avenues for parking black money earned from corruption and tax evasion, encouraged flow from non productive activities like property speculation towards productive ones and much more.

I hope during the remaining time all the remaining prize bonds categories are discontinued. Imagine, more than a trillion rupees (mostly black money) was parked in it.

 

[StormBreaker]

Khinzeer ki nasal hain salay ye FATF walay.
F*ck FATF, F*ck USA and their allies involved in biased grey listing. SCUMS really

France deserves to be black listed as well but well...

 

[nomi007]

FAFT is financial watchdog

 

[Syed1.]

Even if Pakistan complied with all the requirements we won't be able to come out before October because once put in a grey list you have to spend 2 years in it, and our 2 years finish in October.



Now what is required is to finish all the requirements before October otherwise our stay in the list might get extended

 

[RIP Pak LAW]

It's getting more certain that Pakistan will be out from the list later this year. Was there a voting this time ¿

 

[Fox_hound]

Just a naive question? What if we dont meet the requirements till October, would we remain in the grey or get demoted to the black?

 

[Chakar The Great]

Just a naive question? What if we dont meet the requirements till October, would we remain in the grey or get demoted to the black?

Depends, Pakistan will never go into black list.

 

[-blitzkrieg-]

Why Western heavens for money launderers, terrorists and looters aren't in grey/black lists?

thats a million dollar question.