In a major relief for Pakistan, the neighbouring country is just “one step away” from being removed from the grey list of the FATF — the international watchdog monitoring money laundering, terror financing, and other threats to global financial networks — top diplomatic sources have told CNN-News18.
Sources said Pakistan is likely to get ‘on-site visit’ to exit the grey list. The International Co-operation Review Group (ICRG) of the Financial Action Task Force (FATF) is likely to visit Pakistan in August, given that the country has fulfilled over 30 of the 34 conditions put forth by the agency.
Grey listing means FATF has placed a country under increased monitoring to check its progress on measures against money laundering and terrorism financing. The “grey list” is also known as the “increased monitoring list”.
Apart from Pakistan, Syria, Turkey, Myanmar, Philippines, South Sudan, Uganda, and Yemen are among 23 countries on the grey list.
In June 2021, after the plenary session, FATF had emphasised that Pakistan needs to “investigate and prosecute” senior leaders and commanders of UN-designated terror groups, including Jaish-e-Mohammed chief Masood Azhar, Lashkar-e-Taiba founder Hafiz Saeed, and its ‘operational commander’ Zakiur Rehman Lakhvi. The agency gave Pakistan time till October 2021 to meet the remaining conditions of compliance.
Of late, Pakistan is trying its best to comply with all international agencies, given that the country faces economic and political instability. For instance, the prices of essential items have also been increased, as IMF wanted, in what will be a major boost to the economy in the large run.
Pakistan has been on the FATF grey list continuously since June 2018.
The FATF was established in July 1989 by a G-7 Summit in Paris, initially to examine and develop measures to combat money laundering. After the 9/11 attacks, the FATF in October 2001 expanded its mandate to incorporate efforts to combat terrorist financing, and in April 2012, it added efforts to counter the financing of proliferation of weapons of mass destruction.
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