Pakistan hopes to exit FATF gray list with votes from Turkey, China and Malaysia
Pakistan hopes to leave the gray list of the Financial Action Task Force (FATF) today, with Turkey, China and Malaysia having assured to vote in its favour.
The current FATF plenary session has been the focus of concern in Pakistan as the government hopes to get the country off the gray list.
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Media reported that Pakistan needed three votes to get off the FATF gray list. Reports claimed that Turkey, China and Malaysia secured the votes as needed by Islamabad.
The BBC quoted a government official as saying that recent updates show good signs in favor of Pakistan. He said apart from these three countries, other countries would also be key in helping Pakistan get off the list. Without naming the official, the BBC said that after the removal from the gray list, a FATF team will travel to Pakistan for an inspection; and the process can take seven to eight months to fully settle.
A massive campaign by Pakistan has been launched to get off the FATF gray list. Minister of State for Foreign Affairs and Chairperson of the FATF National Coordinating Committee for Pakistan, Hina Rabbani Khar, is representing the country at the important FATF meeting. The FATF had imposed 34 conditions on Pakistan, 32 of which have already been implemented.
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The plenary session of the Financial Action Task Force (FATF) which started on Tuesday in Berlin, Germany, ended on Thursday during which discussions focused on the fight against money laundering and the financing of terrorism.
In a social media post, the FATF said that during the session a report on ways to tackle illicit financing in the real estate sector was discussed. It was discussed that the effectiveness of measures against money laundering and the financing of terrorism could not yet be achieved. Prompt and decisive action was advised during the session to stem the threat to bring effectiveness across all FATF jurisdictions.