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FATF team completes a site visit to decide the fate of Pakistan


15 people team of The Financial Action Task Force on Money Laundering (FATF) quietly completed a five-day visit to Pakistan this week. move who can lay way for Islamabad will finally come out of the gray list.

finds of FATF of 15 members team will be discussed and tested in in next meeting of FATF, planned in Paris in October.

Positive result of in place teamconclusions allow Pakistan is finally recognized over limitations in in system hold back money laundering as well as terror financing.

Official sources confirmed that the FATF team, which was assigned the status of guest protocol, remained in country from August 29 to September 2.

See also: FATF. team due next month for ‘on-Visit site

The Economic Coordinating Committee (ECC) approved special grant of 7 million rupees for The FATF Secretariat will provide 15 FATF members team accommodation, food and travel.

The visit was kept secret, but sources said the FATF delegation held meetings with relevant authorities and checked steps Pakistan has committed to fulfilling the condition of international financial guard dog on money laundering as well as terror financing.

FATF in June hinted at Pakistan’s exit from gray list after he concluded that Pakistan had complied with 34 point plan of action and agreed to send it team for examination of those steps.

Pakistan was posted on grey list FATF in June 2018 for limitations in this is system hold back money laundering as well as terror financing.

It was first a 27-point action plan is given, and then another 7-point plan to complete with FATF standards.

The main stumbling block was the persecution of certain UNSC appointees accused of terror financing. Just a few days before the June FATF plenary meeting in Berlin, Pakistani anti-terror court condemns Sajid Mir in terror funding case that convinced FATF members to recognize the Pakistani progress.

Pakistani officials were convinced that the FATF team would give positive evaluation of countries progress. However, officials warned that the neighboring country could still use his influence to drag out the cause of Pakistan.

See also: The government is fighting for off FATF gray list

It is believed that the United States played key role in ensuring site visit for Pakistan, expressing satisfaction with country’s containment measures terror funding, in particular the prosecution of certain individuals.

Exit from FATF gray list restore the image of Pakistan and give confidence foreign investors for do business in country. Greylist does it hard for countries do financial transactions and increases cost of does business.

Likely removal of Pakistan from gray list will help give impulse to struggling economy.

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Derrick Santistevan
Derrick Santistevan
Derrick is the Researcher at World Weekly News. He tries to find the latest things going around in our world and share it with our readers.

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