Pakistan likely to remain on FATF grey list

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ISLAMABAD:Pakistan faces high risks of money laundering and terror financing and has complied with just one of the 40 recommendations set by the Financial Action Task Force at the time of the country’s inclusion in its grey list, according to a report by the Asia Pacific Group (APG).

The APG released its much-awaited 228-page ‘Mutual Evaluation Report’ on Saturday, ten days ahead of the key Financial Action Task Force’s (FATF) plenary meeting which will give its decision on Pakistan’s ‘grey list’ status.Pakistan was placed on the grey list by the Paris-based watchdog in June last year and was given a plan of action to complete it by October 2019, or face the risk of being placed on the black list with Iran and North Korea.

The AGP’s ‘Mutual Evaluation Report 2019’ would provide a basis for the FATF to make its decision in its upcoming Paris meeting scheduled for October 13-18, keeping in view Pakistan’s compliance with the parameters it had set earlier.
Following the APG report, chances are high that Pakistan would be retained on the grey list during the FATF plenary meetings.Last month, a high-level Pakistani delegation, led by Economic Affairs Minister Hammad Azhar, had attended a two-day meeting with the APG to discuss Islamabad’s progress on the FATF action plan.

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