Pakistan to remain on FATF grey list until February 2021

Pakistan to remain on the Financial Action Task Force (FATF) grey list of countries with inadequate control over curbing money laundering and terrorism financing.

The decision was made at the FATF plenary which took up Pakistan’s case today (Friday), the last day of its ongoing meeting between October 21 and 23.

The global watchdog reviewed Pakistan’s progress based on the 27-point action plan for addressing anti-money laundering and terror financing.

Talking to media via video link, the FATF President Marcus Pleyer said, “the plenary has decided to keep Pakistan in ‘grey list’ until February 2021 despite the country has successfully complied with 21 out of 27 points of action”.

“Pakistan has to do more,” said the FATF President. “To date, Pakistan has made progress across all action plan items and has now largely addressed. As all action plan deadlines have expired, the FATF strongly urges Pakistan to swiftly complete its full action plan by February 2021.”

According to the media reports, Turkey proposed during the FATF plenary that members should consider Pakistan’s good work. 

Turkey also suggested that the Financial Action Task Force should dispatch an on-site team to Pakistan to finalise its assessment instead of waiting for the completion of the remaining six out of 27 parameters.