Islamabad: Pakistan Has launched a massive diplomatic effort to get off the gray list of the global money laundering and terrorist financing watchdog FATFA media report said on Tuesday.
Pakistan has been in the gray list of Paris based Financial Action Task Force (FATF) for failing to investigate money laundering, terrorism financing since June 2018, and was given an action plan to complete it by October 2019.
Since then, the country has remained on that list due to its failure to comply with FATF orders.
News International reported that Pakistan needs the votes of Turkey, China and Malaysia to exit the list, and the three countries have assured Pakistani authorities of their full support for the purpose.
A decision on Pakistan’s position on the list will be taken during the current meeting to be held in Berlin, Germany, from June 14 to 17, official sources were quoted as saying by The News International on Tuesday.
According to sources, recently, during the visit of Prime Minister Shahbaz Sharif, Foreign Minister Bilawal Bhutto Zardari and Minister of State for External Affairs Hina Rabbani Khar to different countries, important discussions were held regarding FATF.
The report said that Pakistan has implemented almost all points of the FATF action plan except for punishment, and that Pakistan has made prosecution and all relevant legal amendments.
The FATF meeting in Berlin will continue till June 17 and on the last day of the meeting, the forum will decide whether to keep different countries in its black and gray list or not.
With Pakistan remaining in the gray list, it is becoming increasingly difficult for Islamabad to get financial aid from the IMF, the World Bank, the Asian Development Bank (ADB) and others. The European UnionThus adding to the problems for the country.
Pakistan has so far avoided being included in the blacklist with the help of close allies like China, Turkey and Malaysia.
The FATF is an intergovernmental body established in 1989 to combat money laundering, terrorist financing and other related threats to the integrity of the international financial system.
The FATF currently has 39 members, including two regional organizations – the European Commission and the Gulf Cooperation Council. India is a member of the FATF Consultative and its Asia Pacific Group,
Pakistan has been in the gray list of Paris based Financial Action Task Force (FATF) for failing to investigate money laundering, terrorism financing since June 2018, and was given an action plan to complete it by October 2019.
Since then, the country has remained on that list due to its failure to comply with FATF orders.
News International reported that Pakistan needs the votes of Turkey, China and Malaysia to exit the list, and the three countries have assured Pakistani authorities of their full support for the purpose.
A decision on Pakistan’s position on the list will be taken during the current meeting to be held in Berlin, Germany, from June 14 to 17, official sources were quoted as saying by The News International on Tuesday.
According to sources, recently, during the visit of Prime Minister Shahbaz Sharif, Foreign Minister Bilawal Bhutto Zardari and Minister of State for External Affairs Hina Rabbani Khar to different countries, important discussions were held regarding FATF.
The report said that Pakistan has implemented almost all points of the FATF action plan except for punishment, and that Pakistan has made prosecution and all relevant legal amendments.
The FATF meeting in Berlin will continue till June 17 and on the last day of the meeting, the forum will decide whether to keep different countries in its black and gray list or not.
With Pakistan remaining in the gray list, it is becoming increasingly difficult for Islamabad to get financial aid from the IMF, the World Bank, the Asian Development Bank (ADB) and others. The European UnionThus adding to the problems for the country.
Pakistan has so far avoided being included in the blacklist with the help of close allies like China, Turkey and Malaysia.
The FATF is an intergovernmental body established in 1989 to combat money laundering, terrorist financing and other related threats to the integrity of the international financial system.
The FATF currently has 39 members, including two regional organizations – the European Commission and the Gulf Cooperation Council. India is a member of the FATF Consultative and its Asia Pacific Group,