Pakistan optimistic about position on FATF grey list

• The Financial Action Task Force (FATF) will convene in Berlin, Germany this week.
• To decide whether Pakistan will be removed from grey list or retain current position.
• Pakistani government is optimistic and anticipates a favourable conclusion from plenary conference.

ISLAMABAD: The Financial Action Task Force (FATF) will convene in Berlin, Germany this week from June 14 to 17, 2022, to decide whether Pakistan will be removed from the grey list or retain its current position for another few months, The News reported Monday.

The Pakistani government is optimistic and anticipates a favourable conclusion from the plenary conference. "For the time being, we have high hopes. We believe we have made significant progress, which has been recognised by a number of members. The final decision, however, will be made at a summit at which a number of countries will comment on our progress. As a result, let's hope for the best," a top Pakistani official told the publication.

When asked if the FATF would send a team to Pakistan for an on site inspection to assess the country's performance before removing it from the grey list, the official replied that yes, if the country passes all points, there will be an on site visit and then the country will be removed from the grey list.

According to FATF’s announcement, the delegates representing 206 members of the Global Network and observer organisations, including the International Monetary Fund, the United Nations, the World Bank, and the Egmont Group of Financial Intelligence Units, will take part in the last plenary under the two-year German Presidency of Dr Marcus Pleyer from 14–17 June 2022. The German government will host this hybrid event in Berlin, with a significant number of participants taking part in person.

During the four days of meetings, delegates will finalise key issues, including a report to prevent money laundering through the real estate sector and a report that will help financial institutions use collaborative analytics, data collection, and other sharing initiatives to assess and mitigate the money laundering and terrorist financing risks they face.

Delegates will also discuss the assessments of measures to combat money laundering and terrorist financing in Germany and the Netherlands, and the progress made by some jurisdictions identified as presenting a risk to the financial system. The outcomes of the FATF Plenary will be published on Friday, June 17 after the close of the meeting.