Pakistan likely to move out of FATF ‘Grey List’
Pakistan needs the votes of Turkey, China, and Malaysia to get off the grey list, and all three countries have assured the Pakistani authorities of full support for the purpose. That’s why now there are bright chances that Pakistan will get off of the FATF ‘Grey list’ during the crucial meeting being held from June 14 to 17 in Berlin, Germany.
The FATF, a global body that monitors money laundering and terrorist financing, is holding a four-day meeting in Berlin, Germany, from June 14 to 17.
FATF delegations will represent the 206 members of this global network from around the world, while its observers will also attend the meeting, which includes the International Monetary Fund (IMF), United Nations, World Bank and Egmont Group of Financial Intelligence Units.
Recent international media reports also cited this “silent lobbying” led by China, while an Indian media outlet also reported that the FATF is likely to decide to remove Pakistan from the grey list in its plan meeting.
Diplomatic sources from Washington have said that the allied countries that are part of this lobbying are of the view that in order to revive the Pakistani economy, it is necessary to remove it from the FATF grey list. Pakistan has been on the FATF gray list since June 2018.
Sources said that the decision of the Lahore Anti-Terrorism Court on April 9 could also help Pakistan to get out of the grey list as the anti-terrorism court had acquitted Hafiz Saeed, head of the banned Lashkar-e-Taiba, on terrorism charges. He was sentenced to 33 years in prison.
Countries that have been supporting the removal of Pakistan from the grey list have pointed out that Hafiz Saeed has been sentenced because of two cases registered by Pakistan’s anti-terrorism department.
Earlier, at its meeting in Paris in March, the FATF had pointed out that Pakistan had completed 26 of the 27 in its 2018 action plan.
The FATF will finalize key issues at its four-day meeting, including a report on curbing money laundering through the real estate sector.
Another report will urge financial institutions to use mutual analysis, data collection and other support measures to address issues such as money laundering and terrorist financing.
The FATF delegation will also discuss assessments of measures taken to combat money laundering and terrorist financing, which have been identified as a threat to the financial system.
However, the results of this FATF meeting will be published on June 17.