Pakistan will remain on the grey list or the increased monitoring list of the Financial Action Task Force (FATF), the body’s president, Dr Marcus Pleyer, announced today.
The development rose during the president’s post-plenary press conference.
The FATF has been conducting a meeting in Paris since October 19 under the German presidency of Dr Marcus Pleyer, which finished today, October 21.
It is important to state here that Pakistan has been on the FATF’s increased monitoring list since June 2018.
As per the president, Pakistan has two parallel action plans with a total of 34 action plan items. “It has now addressed, or largely addressed 30 of the items,” he said.
“It’s most recent action plan from June this year which largely focused on money laundering deficiencies was issued after FATF’s regional partner APG (Asian Pacific Group) identified a number of serious issues.
Generally, Pakistan is making “good progress” on the new action plan, he said, further stating that of the 7 new items, four have been “addressed or largely addressed”.
He said this includes showing that financial supervisors are conducting on-site and off-site checks on non-financial sector businesses and inacting legislative amendments to improve international cooperation.
“I thank the Pakistani government for their continued strong commitment to this process.”
“Pakistan will soon come out of the grey list,” he said
