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Pakistan to get out from FATF grey list in June: Senator Shibli Faraz

Aizbah KhanWeb Editor

03rd Mar, 2020. 11:19 pm
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Pakistan to get out from FATF grey list in June: Senator Shibli Faraz

Leader of the House in the Senate, Syed Shibli Faraz expressed the hope that Pakistan would come out of Financial Action Task Force’s (FATF) grey list during its upcoming session, scheduled in June this year.

According to the details, Shibli Faraz saidthe country’s already stabilized economy was now steadily moving towards growth, which is currently also supported by conducive external milieu.

He said that the country’s exports were also rising, which is a good sign for economy. He was of the view that although the Corona virus had caused huge damages, however, it also helped Pakistan to enhance its exports by attracting many export orders.

It is to be noted that

India’s intend of blacklisting Pakistan in Financial Action Task Force (FATF) have been shattered, Pakistan will remain in a gray list.

The negotiations between Pakistan and the FATF have been completed, the announcement has made according to which Pakistan is likely to remain on the gray list until June.

According to the Finance Ministry, Pakistan has assured the implementation of the FATF recommendations.

The member countries also lauded Pakistani initiatives in preventing money laundering and terror funding.

In light of the performance Pakistan will be given more time to process the recommendations, Pakistan has implemented 14 of the 27 points of the FATF, while 13 points have yet to be implemented.

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It should be remembered that FATF had asked Pakistan to implement on a ten-point action plan by January 2019.

According to this ten-point action plan, Pakistan had to make clear how successful it was in money laundering, terrorist financing and coordination among institutions.

FATF says it will continue to support Pakistan in this regard. Pakistan wants its name removed from the organization’s ‘gray list’.

In pursuance of the FATF goals, on February last year, the Government of Pakistan issued a Presidential Ordinance under which the UN declared terrorist organizations in Pakistan as illegal.

Following the implementation of the ordinance, authorities in Pakistan have also taken action against Jamaat-ud-Dawa and its Welfare Welfare Humanity Foundation, two organizations affiliated to Hafiz Saeed, the founder of Lashkar-e-Taiba.

Hafiz Saeed wants India and the United States on terrorism charges. Pakistan had already banned Lashkar-e-Taiba, but its alleged affiliate Jamaat-ud-Dawa and the Welfare Humanitarian Foundation were still operating.


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