FATF retains Pakistan on its ‘grey’ list; to conduct on-site visit

Global financial watchdog the Financial Action Task Force (FATF) on Friday retained Pakistan on its ‘grey list’.

FATF retains Pakistan from its ‘grey list’. (Photo: Twitter/FATF)

Global financial watchdog the Financial Action Task Force (FATF) on Friday said that it will conduct an on-site visit in Pakistan at the earliest possible date, indicating that the country is likely to be removed from its grey list.

This decision was announced after a three-day of the FATF plenary in Berlin, Germany.

The on-site visit is announced when the decision to remove is arrived, and then formally removed in the next plenary.

Meanwhile, the official announcement will be made at the October plenary of the FATF.

“At its June 2022 Plenary, the FATF made the initial determination that Pakistan has substantially completed its two action plans, covering 34 items, and warrants an on-site visit to verify that the implementation of Pakistan’s AML/CFT reforms has begun and is being sustained, and that the necessary political commitment remains in place to sustain implementation and improvement in the future,” the FATF said in a statement.

“The FATF will continue to monitor the COVID-19 situation and conduct an on-site visit at the earliest possible date,” the statement added.


Pakistan has found it difficult to move out of the grey list since June 2018. The FATF has found it floundering on containing money laundering that streams funds to terror outfits in Pakistan and Afghanistan.

Since 2018, the country continues to be on that list due to its failure to comply with the FATF mandates.


The FATF was founded in 1989 on the suggestion of G-7 (the group of the seven most industrialised nations) to keep a tab on money laundering and take measures to contain the practice that often ends up fomenting trouble in one part or the other in the world. Turkey became a member of the FATF in 1991.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *