Pakistan is likely to come out of grey list with the support of China, Turkey and Malaysia.
BEIJING: (Urdu Point/Pakistan Point News-Jan 20th, 2020) A Pakistani delegation has arrived in Beijing to meet the Financial Action Task Force (FATF) to present country’s efforts to enforce laws against money laundering and terror financing.
According to the details, Pakistani delegation will brief the FATA’s working body and will apprise its members about what Pakistan has done to stop money laundering and terror financing. The meeting will analyze Pakistan’s report and will give its decision.
Islamabad needs to follow certain policies and laws to avoid from being placed on the black. Currently, Pakistan is on grey list and the representatives are making efforts to get the country out of grey list. The sources say that it is likely this time that Pakistan will be out of grey list.
Sources privy to the developments believe that a vote might be held to remove Pakistan from the ‘grey list’, according to the publication. Pakistan had previously avoided the black-listing by FATF with support from several member countries of the financial body.
“Pakistan is likely to win a ‘largely-compliant’ rating from the FATF regarding implementation of 27 recommendations given in its Action Plan if it does not come out of the grey list,” the sources said.
“India is trying hard to move Pakistan to the “black list” but Chinese, Turkish and Malaysian support will help it get out of grey list,” they further said.
The Pakistani delegation is being led by Minister for Economic Affairs Division Hammad Azhar and comprises representatives of National Counter Terrorism Authority (Nacta), foreign ministry, State Bank of Pakistan (SBP), among others.
Pakistan has already submitted a 650-page review report to the FATF on January 8 to convince the international body regarding its 150 questions to Pakistan about new policies on money laundering. The report outlined the steps taken by Pakistan between October 2019 to January 2020 to implement the group’s recommendations.
The FATF announced on October 18 last year that it would retain Pakistan on its ‘grey list’ for four months after which Pakistan might face action if it failed to make any significant progress on adopting strict terror financing and anti-money laundering laws.
