FATF to evaluate Pakistan’s efforts to counter terror financing

The Pakistani delegation has left for Bangkok to meet the Financial Action Task Force officials from September 8 to 10. During the meeting, Pakistan will brief the FATF on the steps it has taken to check activities of banned outfits and the seizing of related assets.

The FATF has placed Pakistan on the grey list of countries whose domestic laws are considered weak to tackle the challenges of money laundering and terrorism financing. (File Photo

A 15-member delegation from Pakistan is preparing to present its case to the Financial Action Task Force (FATF Asia Pacific Group (APG in a face-to-face meeting in Bangkok as part of efforts to exclude its name from grey list’.

Pakistan’s delegation, led by their minister for economic affairs Hammad Azhar, will be responding to over 120 questions related to money laundering and terror financing, to satisfy the global terrordog and Asia-Pacific Group in its favour.

Pakistan has already submitted its compliance report on FATF’s 27-point action plan. In this upcoming face-to-face meeting, they will scrutinise the country’s performance before the final review meeting which is scheduled in Paris, a government source said.

While the four-day meeting in Bangkok to review Pakistan’s compliance report will take place on Monday and Tuesday, FATF’s meeting is scheduled to be held in Paris from October 14 to 18 where a final decision will be taken.

Pakistani authorities maintain that they have fulfilled all requirements of the FATF action plan, asserting that Islamabad deserves to be dropped from the grey list.

Pakistan was given a 27-point action plan by the APG for compliance. However, during the last meeting, it was revealed that Pakistan failed to comply with at least 32 of 40 pointers. Pakistan has been since under immense pressure to ensure compliance before October 2019, when FATF will take a final decision on Pakistan’s fate in its listings.

Pakistan was given a final deadline till September 2019 to save itself from being pushed into blacklist, which can prove disastrous for the country’s crippling economic condition.