Saturday, February 4, 2023

FATF team completes on-site visit to Pakistan

A high-level team of the global money laundering and terrorist financing watchdog Financial Action Task Force (FATF) quietly concluded a five-day visit to Pakistan, according to media reports.

Pakistani newspaper Express Tribune reported that the FATF delegation held meetings with the relevant authorities and verified the steps Pakistan had taken to fulfil conditions to exit the grey list.

Pakistan’s National FATF Coordination Committee on AML/CFT (Anti-Money Laundering and Combating the Financing of Terrorism) presented a summary for approval for arrangements expenditure related to the on-site visit of the FATF/APG (Asia/Pacific Group on Money Laundering) assessors’ team, state media reported on August 30.

The 15-member FATF team was expected to visit Pakistan from August 29 to September 2, 2022, to verify the stance of Pakistan as reported in cyclic reports.

The Economic Coordination Committee (ECC) had approved a special grant of Rs7 million for the FATF Secretariat to facilitate the on-site visit of the 15-member FATF team.

On June 17, the second FATF Plenary session for the year 2022 concluded in Berlin, Germany. During its latest Plenary session, the FATF reviewed Pakistan’s progress on the two Action Plans (2018 and 2021), acknowledged their substantial and successful completion by the country and said that Pakistan has completed its action plan and the country’s ’grey list’ status will be decided after an on-site visit.

Pakistan was placed on the grey list by FATF in June 2018. Since then, Pakistan enacted several laws against money laundering and terror financing and initiated legislative amendments to comply with FATF criteria.

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