On October 21, Pakistan, which has dominated the dreaded list for more than four years, is scheduled to remove its name from it.
The money-laundering watchdog’s 15-person delegation just returned from Pakistan after a two-day on-site visit. The organization’s next meeting, which is scheduled to take place in Paris this week, is now anticipated to make the final determination regarding Pakistan’s standing on the grey list.
The first FATF Plenary during T. According to the FATF, Raja Kumar’s two-year Singapore Presidency will occur on October 20–21, 2022. Interpol, the World Bank, the International Monetary Fund, the United Nations, and the Egmont Group of Financial Intelligence Units are just a few organizations that will send representatives to the Working Group and Plenary sessions of the 206 Global Network.
At the conclusion of the two days of discussions, a decision about Pakistan’s status would be made public. The report on Pakistan by the FATF Onsite team is anticipated to be discussed during the plenary sessions.
Pakistani officials believe that after four years of diligent work, it has not only ensured a high degree of efficacy through the implementation of two comprehensive FATF action plans but also a high level of technical compliance with FATF standards.
Notably, the FATF determined that Pakistan was substantially compliant with all 34 items in June of this year and chose to deploy an onsite mission to confirm it on the ground before formally declaring the country’s removal from the grey list, which took place in August and September.
Pakistan is one of the top FATF-compliant countries in the world, with a “compliant or mainly compliant” rating for 38 of the FATF’s 40 technical recommendations.
On June 28, 2018, Pakistan was forcibly added to the FATF’s grey list for the third time, and since then, it has been making preparations to be removed.
The nation was originally added to the FATF “grey list” in 2008 after failing to adhere to global standards for fighting the funding of terrorism and anti-money laundering. Pakistan left the list in 2010 after making improvements to its AML/CFT system. Pakistan was nonetheless added to the grey list once more in 2012 and remained there until 2015.