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Pakistan to remain on FATF's grey list until February

Pakistan to remain on FATF's grey list until February

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Oct 24, 2020 - 11:12

PESHAWAR (Pajhwok): Pakistaninfo-icon will continue to stay on the Financial Action Task Force’s (FATF) increased monitoring list -- more commonly known as the grey list.

After a three-day meeting, FATF President Dr Marcus Pleyer told a webinar the decision was taken by the watchdog in its three-day meeting from October 21 to 23.

The forum decided that Pakistan "needs to do more" in terms of fulfilling the requirements set out by the task force. It acknowledged that of the 27 conditions that were put forth to Pakistan, 21 have been met.

Dr Pleyer told a questioner once the remaining six conditions were met, a team from the FATF would visit Pakistan for the next review.

"Our discussions are confidential [...] the members decided by consensus that Pakistan needs to complete these six items for an onsite visit to be granted.

"As soon as the plenary decides that Pakistan has completed all the 27 items, then an onsite visit will be made. After that, it will be decided whether the country will be allowed to exit the grey list or not."

The new deadline for Pakistan to fulfill the remaining conditions is February 2021 when the next plenary meeting will take place.

Meanwhile, Iceland and Mongolia were removed from the FATF's black list.

Strategic deficiencies

In a statement, the anti-money laundering watchdog said it had noted the significant progress that Pakistan had made on a number of action plan items.

“To date, Pakistan has made progress across all action plan items and has now largely addressed 21 of the 27 action items,” it said.

“As all action plan deadlines have expired, the FATF strongly urges Pakistan to swiftly complete its full action plan by February 2021.”

mud

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