Islamabad, Oct 23: Pakistan will remain on the Financial Action Task Force (FATF) grey list. The decision was taken in the FATF’s plenary session after Islamabad failed to comply with all 27 parameters set by the task force.
Sources told India Today that Turkey proposed during the FATF that members should consider Pakistan’s good work. Turkey went further to suggest that the Financial Action Task Force should dispatch an on-site team to Pakistan to finalise its assessment instead of waiting for the completion of the remaining six out of 27 parameters.
On-site teams of the FATF are permitted to make inspections only after jurisdictions complete their Action Plans. Normally, such a visit is a signal for exit from the Financial Action Task Force’s grey or black list.
None of the 38 members of the FATF seconded Turkey’s proposal for on-site inspections in Pakistan during the plenary session. These members include Pakistan’s closest allies- China, Malaysia, and Saudi Arabia.
This indicates that FATF on-site visits to Pakistan are off the table for now.
The Financial Action Task Force has decided to retain Pakistan on its grey list at least till the next review which is due in February 2021.
