2022-07-05
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FATF Gray List: After the review meeting held in Berlin, the FATF has decided to keep Pakistan in the gray-list for the time being. Along with this, an on-site review has been proposed to investigate the steps taken by Pakistan. A decision on the removal of the gray list will be taken only after this on-site visit.

However, FATF has welcomed the steps taken by Pakistan. Also expressed satisfaction that Pakistan has accepted the action taken on all 34 action point points.

Meaning of on-site review

It is normal for a FATF review to agree on an action plan and an on-site check on the actions taken by a country. For this the team goes and it is assessed whether the steps taken by the country concerned are permanent and effective or not. Only after this the FATF can take a decision about taking that country out of the gray list.

FATF President Marcus Pleyer said that there will be two on-site, two will be based on the action plan. However, we cannot say yet when this surveillance tour will take place. But certainly before the next FATF meeting in October. It is only after this on-site visit that the FATF will take a decision on taking Pakistan out of the grey-list. For this a team of experts will be sent.

Pakistan is in FATF gray list since 2018

Pakistan has been on the ‘grey’ list of the Paris-based ‘Financial Action Task Force’ (FATF) since 2018 for failing to curb money laundering and terror funding. An action plan was given to complete it by October 2019. However, the country still remains on this list for failing to comply with the FATF orders.

With Pakistan remaining in the ‘grey’ list, it is becoming increasingly difficult for it to get financial aid from the International Monetary Fund (IMF), the World Bank, the Asian Development Bank (ADB) and the European Union, adding to the problems for the country. Huh.

FATF is an inter-governmental body. It was established in 1989 to combat money laundering, terrorism financing and threats to the integrity of the international financial system. The FATF currently has 39 members, including two regional organizations, the European Commission and the Gulf Cooperation Council. India is a member of the FATF Consultative and its Asia Pacific Group.

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