Pakistan to Exit FATF Grey-List

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The Financial Actions Task Force (FATF) is charged with the task to combat money laundering (ML) and terror financing (TF) to protect the International Financial System. The decisions of the FATF in the case of Pakistan are inimical to the integrity of this intergovernmental organization as it shows the non-uniformity in its dealing with cases of different states. For example, Pakistan, which has accomplished most of the tasks given by the FATF, is still on the grey-list while the FATF does not question India for the money laundering of billions of dollars and sponsoring terrorism in the region. However, Pakistan continues to work on the recommendations given by the FATF.

The recent report by The Asia Pacific Group (APG) is a testimony that Pakistan has made the progress that is unmatched as compared to the other countries in the grey list. The Asia Pacific Group (APG) on Money Laundering published Pakistan’s second Mutual Evaluation follow-up Report in which declared that the country had achieved compliant or largely compliant rating in 31 out of 40 Financial Action Task Force (FATF) Recommendations in Technical Compliance.

The second follow-up report (FUR) of Pakistan was prepared according to Third Round Mutual Evaluation Procedures 2021 of APG. The Mutual Evaluation Committee of APG considered this report on 29 April 2021, and then it was adopted by the members of APG without any objection on 7 May 2021. In response to this statement, the Finance Ministry of Pakistan has released a press statement in which it has said that the results, which have been published on 2 June 2021, show the resolve and sincere efforts of the government of Pakistan.

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