FATF working group to be briefed by Pakistani delegation in Beijing

A Pakistani delegation, which will brief the Financial Action Task Force’s (FATF) Working Group, arrived in Beijing for talks regarding the country’s performance.

According to the details, the delegation will brief the FATF working group in Beijing.

The talks with the global money laundering watchdog scheduled to begin from January 21.

Sources privy to the development believe that a voting might held to remove Pakistan from the ‘grey list’.

“If Pakistan does not come out of the ‘grey list’, it is expected to win a ‘largely-compliant’ rating from the FATF regarding implementation of 27 recommendations given in its Action Plan that can help it acquire more time from the watchdog for full compliance.”

“India is trying hard to move Pakistan to the ‘black list’, but [our] expected support from China, Turkey and Malaysia would pour cold water on its efforts,” sources told.

The Pakistani delegation is being led by Minister for Economic Affairs Division Hammad Azhar.

It comprises representatives of National Counter Terrorism Authority (Nacta), foreign ministry and State Bank of Pakistan (SBP).

Moreover, customs, interior ministry and the Financial Monitoring Unit (FMU).

Pakistan has already submitted a 650-page review report to the FATF on January 8.

The report submitted in response to the 150 questions raised by the FATF.

Now, the Pakistani delegation would explain the steps taken from October 2019 to January 2020 to implement the group’s recommendations.

The FATF announced on October 18 last year that it would retain Pakistan on its ‘grey list’ for four months.

After which Pakistan might face action, if it failed to make any significant progress on the inter-governmental body’s 27-point Action Plan.

“The Pakistani delegation will provide details to the FATF about the cases registered so far against the banned outfits, sentences given to members of proscribed organizations, registration process of seminaries, steps taken against money laundering, dismantling of terror finance system and investigation into over 500 cases regarding transfer of funds to terror groups,” sources said.

It is pertinent to mention that China has categorically stated that the purpose of FATF is to help countries better combat illegal activities.

The activities include, money laundering and terror financing, rather than sanctioning or punishing them.

The joint working group of the FATF declared Pakistan as largely compliant on 10 points.

However, the FATF plenary meeting accepted Islamabad’s compliance only on five points out of 27 action plans.