ISLAMABAD:
Pakistan is unlikely to emerge from the gray list” of Financial Action Task Force on Money Laundering (FATF) in ongoing discussions in Berlin, Germany, but hoping to secure a “site visit” that Islamabad could take step closer to get out of watch list.
Pakistan was posted on grey list in June 2018 and received a 27-point action plan to limit terror financial activities. In October last year, the country was given another seven-point action plan after it completed 26 of originally given him a 27-point action plan in June 2018. In last plenary session in In March, Pakistan informed the FATF of the completion of 32 of action 34 items
Despite frantic lobbying by Islamabad to get some relief from international guard dog for financial crimes such as money laundering as well as terror financing, official sources said Express Tribune that Pakistan will remain on grey list until at least February next year.
FATF Plenary meeting that gave impetus off in Berlin on tuesday will be review Pakistan progress and decide whether to leave it on above list or not. decision will be announced on June 17 in custody of meeting.
Also read: Pakistan is not in danger of the fall in FATF blacklist: sources
“AT best it is possible to visit the object (of FATF officials)”, senior official said, asking for anonymity.
“If the FATF agrees to a field visit, it will step close to pakistan out of grey list,” he added.
But even in in this case, announcement would made in in next plenary session in October and Pakistan may formally withdraw from list in February next year.
Minister of State for Ministry of Foreign Affairs Hina Rabbani Khar, who is also chair of FATF National Coordinating Committee of Pakistan leading delegation in ongoing negotiations.
“During the meeting, Pakistan progress for promotions 2018 and 2021 plans will be discussed. Plenary session review recommendations of The FATF International Cooperation Review Group (ICRG),” the Foreign Office said in a statement.
minister will also hold meetings with incoming and outgoing presidents of organization, performer secretary of FATF and leaders of delegations of Member States inform them of huge progress made Pakistan in completing Action plans.
Also read: FATF retains Pakistan on grey list
Khar will highlight the government’s high-level political commitment of Pakistan to further strengthen domestic anti-money laundering and wrestling terror financing regime (AML/CFT).
During the visit minister will also hold meetings with dignitaries in Germany in context of Bilateral relations between Pakistan and Germany. She is accompanied by a senior level delegation.
FATF is international guard dog for financial crimes such as money laundering as well as terror financing. It was created at the G7 summit. of 1989 in Paris eliminates loopholes in in global financial system after member countries expressed concern about the growth money laundering activities.
in aftermath of 11 September terror attack on USA, organization also added terror funding as main focus area. This was later expanded with funding restrictions. of weapon of mass destruction.
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