Government is hopeful of getting out of the FATF grey list

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Government is hopeful of getting out of the FATF grey list

The Pakistani government is hopeful that Pakistan will be removed from the grey list of FATF. To combat money laundering and terrorist financing, the Meeting of the Financial Action Task Force (FATF), will be held from October 21 to October 23. Experts say the FATF will continue to put pressure on Pakistan, and it will be difficult for Pakistan to get out of the grey list. This is already stated in the Asia Pacific Group report.

The FATF provided Pakistan with a list of 27 points. By February 2020, Pakistan had implemented 14 of them. However, the FATF had directed Pakistan to implement on the remaining 13 points for staying in the grey list. Furthermore, the FATF had urged Pakistan to expedite the completion of its entire action plan by June this year or else it would be added to the watch list, which is usually called the watchdog’s “blacklist”. These FATF’s recommendations have added difficulties for the citizen of Pakistan.

The implementation of these recommendations has become extremely difficult for ordinary citizens in the country for opening bank accounts, keeping money in banks, and making transactions. While on the other hand there are no restrictions of any kind for the elite. So these recommendations have the most effect on the ordinary citizen of Pakistan. If Pakistan gets out of the grey list, then it will be an outstanding achievement, but most chances are that FATF declared the steps taken by Pakistan are insufficient and keeps it on the grey list.

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