Three separate evaluations, currently underway, will determine whether Pakistan qualifies for removal from the greylist of the Financial Action Task Force (FATF) by mid-October.
The Asia-Pacific Group, a regional affiliate of the FATF in Canberra, Australia, is carrying out a five-year mutual review of Pakistan’s progress on upgrading its systems in financial and insurance services and sectors.
The evaluation does not directly concern the country’s performance on its highest-level commitments on money laundering and terror financing with the FATF. However, its assessment report can indirectly influence the country’s position on the greylist.
The assessments represented from Pakistan will conclude on August 23. The country has submitted its compliance report on the 27-action plan prescribed by the FATF to the APG.
The next round of mutual evaluation by the AGP will follow on September 5 in Bangkok (Thailand). This round will be a key basis of Pakistan’s final review by the FATF at its plenary and working group meetings to be held between October 13-18 in Paris.
The Paris plenary will also consider a separate assessment by the US Treasury Department on Pakistan’s compliance with its commitments on anti-money laundering and terror financing.