Monday, 2 August 2021

Pakistan not mentioned in FATF grey list

FATF

PARIS/ISLAMABAD: Contrary to speculations, Pakistan doesn’t feature on the watchlist of Financial Action Task Force (FATF), a global money-laundering watchdog.

Earlier in the day, there were speculations that FATF has placed Pakistan back on its terrorist financing watchlist.

However, FATF has finally announced outcome after a week-long session concluded in Paris today. The outcome and public statement, announced on FATF’s official website, do not carry Pakistan’s name.

Pakistan was previously on the FATF watchlist from 2012 to 2015.

Public Statement

The Financial Action Task Force (FATF) is the global standard setting body for anti-money laundering and combating the financing of terrorism (AML/CFT).

In order to protect the international financial system from money laundering and financing of terrorism (ML/FT) risks and to encourage greater compliance with the AML/CFT standards, the FATF identified jurisdictions that have strategic deficiencies and works with them to address those deficiencies that pose a risk to the international financial system.

Jurisdictions subject to a FATF call on its members and other jurisdictions to apply counter-measures to protect the international financial system from the on-going and substantial money laundering and terrorist financing (ML/FT) risks emanating from the DPRK.

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