Pakistan’s chances of being removed from the anti-money laundering watchdog’s grey list have improved after being ranked among the top 10 nations implementing the Financial Action Task Force (FATF) guidelines.
The FATF summit will be place from October 17 to October 21. According to sources, Pakistan has a great chance of being removed from the FATF’s “grey list” on October 21 because it has complied with all requirements.
In the final week of August, a FATF team traveled to Pakistan. After meeting with all the appropriate agencies, it was said that the technical team from the anti-terror finance monitor had returned happy with Islamabad’s measures.
According to sources, the goal of the FATF review team was to evaluate the political will to put anti-money laundering and anti-terror laws into effect.
In June 2018, FATF put Pakistan on the “grey list” due to shortcomings in the country’s system for preventing money laundering and financing of terrorism. To meet the requirements of the FATF, it was initially issued a 27-point action plan and then another 7-point plan.
The removal of Pakistan from the FATF’s “grey list” will improve its reputation and inspire foreign investors to invest there. Countries find it difficult and more expensive to conduct financial transactions as a result of the grey listing.