The Financial Action Task Force (FATF) has yesterday given its decision regarding Pakistan’s greylist status and have kept Pakistan on the greylist for upcoming four months till June 2021. The entire meetings of FATF were conducted via virtual mode from 22-25 February 2021, where its participants talked over a series of topics relating to Pakistan’s improvement.
Pakistan has mainly acted upon 24 of 27 action items.
The Financial Action Task Force (FATF) has acknowledged Pakistan for the noteworthy advancement made on the whole action plan. Till today, Pakistan has moved forward across all action plan items and has now mainly taken care of 24 of the 27 action items
The official statement read: Pakistan should continue to work on implementing the three remaining items in its action plan to address its strategically important deficiencies, namely by: (1) demonstrating that TF investigations and prosecutions target persons and entities acting on behalf or at the direction of the designated persons or entities; (2) demonstrating that TF prosecutions result in effective, proportionate and dissuasive sanctions; and (3) demonstrating effective implementation of targeted financial sanctions against all 1267 and 1373 designated terrorists, specifically those acting for or on their behalf.
A.A.H Soomro, Managing Director at Khadim Ali Shah Bukhari Securities has stated: “24/27 is almost a whitelist. This is commendable progress despite Covid days. Pakistan’s willingness is acknowledged and rewarded. Under FATF Pakistan has continued to document and should continue to do so on the black economy and money laundering. It’s a matter of national security.”
