Pak likely to exit FATF's grey list this week

Islamabad: After almost 52 months, Pakistan is expected to exit the Financial Action Task Force's (FATF) grey list during a plenary slated to take place this week, the Paris-based global terror financing watchdog announced.

In a statement, the watchdog said: "The first FATF Plenary under the two-year Singapore Presidency of T. Raja Kumar will take place on October 20-21," in Paris, Dawn news reported.

According to the statement, delegates representing 206 members of the Global Network and observer organisations, including the International Monetary Fund, UN, World Bank, Interpol and the Egmont Group of Financial Intelligence Units, will participate in the Working Group and Plenary meetings.

On the conclusion of the two-day deliberations, decisions of the plenary would be announced, the FATF added.

Pakistan was placed on the grey list by FATF in June 2018 for deficiencies in its system to curb money laundering and terror financing.

It was first given a 27-point action plan and later another seven-point plan to comply with the FATF's standards. But later the number of action points was enhanced to 34.

A 15-member joint delegation of the FATF and its Sydney-based regional affiliate, Asia Pacific Group, paid an onsite visit to Pakistan from August 29 to September 2 to verify the country's compliance with the 34-point action plan committed with the FATF.

The FATF in June had hinted at Pakistan's removal from the grey list after it concluded that Islamabad had complied with the plan.