Pakistan’s efforts satisfactory, will escape the FATF blacklist
The finance team representing Pakistan is certain that Pakistan will not be blacklisted.
In the initial meeting of FATF (Financial Action Task Force), Pakistan’s effort has been termed satisfactory. The meeting was held in Paris and was presided over by China regarding money laundering and terror financing.
But the implementation of the FATF action plan by Pakistan will be reviewed for another two days. After that, the global anti-money laundering body will make its decision on Pakistan on whether to remove it out of the grey list or maintain its status.
The officials say that despite India’s efforts to push Pakistan to the blacklist, it will fail. As per the details, the first FATF meeting was presided over by China and Saudi Arabia was also present there as a member.
37 member countries are a part of FATF, including China, India, United Staes, Turkey, the Gulf Cooperation Council, and the European Commission. Pakistan and Iran are ‘top of the agenda in the meeting.’ Federal Minister for Economic Affairs Hammad Azhar is leading Pakistan’s team.
Following the meeting, FATF will determine how satisfactory is Pakistan’s progress and efforts to curb terror financing particularly. An action plan that was given on April 29, which will also be reviewed.
Pakistan’s compliance rate:
The finance team representing Pakistan is certain that Pakistan will not be blacklisted. Out of 36 recommendations that FATF had put forth, Pakistan’s implementation rate on 9 of them is 100%, while the other 27 were partially implemented.
The team assured that the terror financing has been halted and the bank accounts along with the assets of all banned organizations were frozen as well. Sources added that during the course of the past eight months, Pakistan has focused on the targets given by FATF and has made visible efforts to comply with it. Pakistan’s status will be finalized on October 16 and 17, following a thorough analysis.
What are your views on this? Share with us in the comments bar below.