Pakistan could remain in the grey list of the Financial Action Task Force (FATF) because it was unable to meet with six of the 27 points in the strategic plan of the international watchdog, however, the nation has managed to avoid being blacklisted.
Pakistan will thrive in quitting the FATF’s grey category by June 2021, as per diplomatic sources.
From 21 to 23 October, the international monitor to combat terrorism funding and financial crimes will host its digital plenary session. It will assess Pakistan’s advancement in the 27-point activity plan.
They kept up that India attempted to politicize the issue and put forth a few attempts to have Pakistan boycotted, including reach out to the FATF’s member states.
Matters under evaluation by the watchdog shouldn’t be talked about on the media or different platforms however India constantly breached this law, they included.
The FATF’s Foreign Cooperation Evaluation Group agreed that Pakistan had acted in accordance with 21 of the action plan’s points.
Pakistan was put on a grey list in June 2018 for neglecting to take sufficient measures against money laundering and funding of terror. It was then given a 27-point activity plan with a notice that neglecting to execute it would prompt its boycotting.
The 27-points FATF action plan’s validity was until June 2020, but due to the disease outbreak, it got extended to three more months.
In 1989, FATF was established which is the inter-governmental policy-making body. It attempts to produce political will of its part states to achieve public authoritative and administrative changes and create approaches against illegal tax avoidance.
The fundamental target of FATF is to set up standards and norms of lawful, administrative, and operational measures to battle illegal tax avoidance, fear monger financing, and other related dangers to the security and trustworthiness of the global monetary framework.