Will Pakistan exit the FATF grey list? Verdict to be announced today

• The decision will be announced during a press conference after the meeting.
• In October, FATF retained Pakistan on the grey list.
•  Pakistan has been on the FATF’s grey list since June 2018.

ISLAMABAD: The Financial Action Task Force (FATF) will today announce its decision on whether or not it will take Pakistan off its grey list.

The FATF has been holding a virtual session in Paris since March 1, which concludes today (March 4). As per reports, the task force reviewed the Asia Pacific Group's report on Pakistan's compliance with the watchdog's prescribed action items.

The decision will be announced at the close of the meeting.

In October, the international watchdog retained Pakistan on the grey list, while noting that "good progress" had been made in completing the required action items for removal from the list.

FATF President Dr Marcus Pleyer had said that Pakistan has two concurrent action plans with a total of 34 action plan items. "It has now addressed, or largely addressed 30 of the items," he had said back in October.

Pakistan has been on the FATF’s increased monitoring list, known as the grey list, since June 2018.

Delegates representing 206 members of the Global Network and observer organisations, including the International Monetary Fund (IMF), the United Nations and the Egmont Group of Financial Intelligence Units, took part in the FATF Plenary.

The event took place in a hybrid format with a significant number of participants expected in person due to the gradual easing of COVID-19 related restrictions in many countries.

During four days of meetings, delegates discussed key issues, including revisions to the FATF recommendations to strengthen the transparency of beneficial ownership information, a priority for the FATF and the international community.

Delegates will finalise a report that focuses on the money laundering and terrorist financing risks arising from migrant smuggling.