FATF to Decide Pakistan’s Grey List Status Today

The day of reckoning is finally here as Pakistan awaits the results of the Financial Action Task Force’s (FATF) two-day plenary session that begins today in Paris, France.

Minister of State for Foreign Affairs Hina Rabbani Khar and her cohort are already in the French capital to oversee deliberations on the subject of Pakistan’s removal from the anti-money laundering watchdog’s increased monitoring list or grey list.

The first FATF Plenary under T. Raja Kumar’s two-year Singapore Presidency will take place today. Panelists from 206 Global Network members and observer organizations, including the International Monetary Fund, the United Nations, the World Bank, Interpol, and the Egmont Group of Financial Intelligence Units, will attend the Working Group and Plenary meetings.

Delegates will discuss key issues in the fight against money laundering and terror financing, including a report about the money laundering risks linked to fentanyl.

The decision on Pakistan’s status would be announced at the end of the two-day deliberations. It is expected that the FATF Onsite team’s report on Pakistan will be discussed at the plenary meetings. If everything goes according to plan, Pakistan is set to leave the watchdog’s notorious grey list on by tomorrow after topping the dreaded chart for over four years.

Pakistan was first placed on the FATF grey list for the third time on June 28, 2018, and has been working to remove itself from the list ever since.

The country was first placed on the FATF grey list in 2008 after failing to meet international anti-money laundering (AML) and counter-terrorism financing (CFT) standards. Pakistan was removed from the list in 2010 after improving its AML/CFT regime. However, the country was placed on the grey list again in 2012 and remained there until 2015.