Pakistan successfully implements 26 out of 27 points to get out of FATF grey list

In this regard, sources in the Ministry of Finance said that the Financial Action Task Force (FATF) had asked Pakistan to implement on 27 points, out of which one has been left to be implemented by Pakistan.

After the latest development, the chances of the country getting out of the grey list have become clear while until the last meeting, Pakistan had implemented 24 points.

“Any decision on pulling Pakistan out of the grey list or maintaining it on the list will be motivated by political grounds,” sources said, adding that the review group’s report on progress made by Pakistan will be tabled before the FATF Plenary meeting that is scheduled to take place from June 21 to 25.

It may be recalled that Pakistan was included in the FATF grey list in 2018.

Earlier the month, The Financial Action Task Force (FATF) had released a report on Pakistan's initiatives and implementation to curb money laundering and counter-terrorism financing.

The FATF Asia Pacific Group (APG) Mutual Evaluation Report acknowledged the clear progress made by Pakistan in implementing the initiatives to curb the menace of terror funding.

The FATF Asia Pacific Group said in a statement that Pakistan has fulfilled 31 of the 40 recommendations of the APG.

On the other hand, the Ministry of Finance said that the implementation of the recommendations shows the seriousness of Pakistan on FATF issues.

Pakistan has met international standards for anti-money laundering and anti-terrorist financing.

According to the Ministry of Finance, Pakistan has implemented 21 recommendations in a very short time in an unprecedented and extraordinary manner.

In 2019, according to the same report, Pakistan had implemented 10 points.

Finance Ministry said that country has amended 14 federal and three provincial laws to implement the recommendations.

These laws not only strengthened the system but also brought stability.

Pakistan had submitted the technical implementation report to FATF in October 2020 after which Asia Pacific Group appreciated Pakistan's efforts.

Per the Finance Ministry, Pakistan has also submitted a report for re-ranking in the APG group.