Saturday, 25 March 2023

FATF declares Its Decision on Pakistan’s Grey List Status

In its recently held hybrid Plenary meeting, the Financial Action Task Force (FATF) has decided to keep Pakistan on the grey list. Pakistan will remain on the grey list till it addresses both items on the original action plan.

The Financial Action Task Force has reviewed Pakistan’s progress on FATF Action Plans in its plenary meeting held on 21st October 2021. The FATF has recognized considerable progress made by Pakistan on both the Action Plans.

With regard to the 2021 Action Plan, Pakistan has completed four of the seven Action Plan Items. Pakistan has completed these four Action Plan items much before the timelines prescribed by FATF. While progress on the remaining three action items is well underway and it is aimed to complete three action items ahead of timelines set by the FATF.

The Action items that have been completed include amendments in the Mutual Legal Assistance Act, 2020, AML/CFT supervision of Designated Non-Financial Businesses and Professions (DNFBPs), transparency of beneficial ownership information, and implementation of Targeted Financial Sanctions for Proliferation Finance by DNFBPs. The remaining action items in the 2021 Action Plan include investigation & prosecution of ML cases, confiscation of assets, and UN listings.

Regarding the 2018 Action Plan, Pakistan submitted a comprehensive progress report on the last remaining Action Plan item. The FATF acknowledged Pakistan’s continued political commitment, which led to significant progress across a comprehensive CFT Action Plan and encouraged Pakistan to report further progress on investigation and prosecution.

The Plenary meeting decided to maintain the status quo with respect to Pakistan, for the time being. Considerable work has already been carried out on the remaining items of both Action Plans. FATF will undertake the next review of Pakistan’s Progress in February 2022.

The FATF Plenary meetings were held virtually from 19-21 October 2021, where its members discussed a variety of topics including Pakistan’s progress. The Pakistan delegation was led by Muhammad Hammad Azhar, Federal Minister for Energy/Chairman National FATF Coordination Committee.

Pakistan is fully committed to completing its Action Plans in cooperation with FATF and its international partners. The high-level political commitment, which is driving its revamped AML/CFT regime, is widely recognized by the international community.

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