FATF likely to give Pakistan four more months for compliance

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ISLAMABAD: The Fina­n­cial Action Task Force is likely to give Pakistan four more months for full compliance on 27-point action plan to get off from the FATF grey list, a private TV channel reported. 

The Pakistani delegation led by Federal Minister for Economic Affairs Hammad Azhar reached Paris and it also includes officials of the Ministry of Finance, the State Bank and Federal Board of Revenue (FBR). Analysts expect Pakistan to either exit the grey list soon after winning a “largely-compliant” rating from the FATF or might get more time from the watchdog to ensure full compliance.

Pakistan will be judged by an FATF plenary meeting in the meeting on the basis of the joint group’s report, for a possible exit from the grey list or at least avoiding the blacklist.

According to media reports, Pakistan needs only 12 out of 39 votes to exit the grey list.

Pakistan has already gained full support from China, Turkey and Malaysia, and aims to obtain 12 votes with escalated diplomatic campaign. Pakistan has ensured significant implementation on most of the recommendations and took necessary actions.

The FATF will issue a formal statement on the conclusion of the group meetings. At FATF, Pakistan currently enjoys vocal support of three countries Turkey, China and Malaysia.

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