FATF delegation concludes on-site visit to Pakistan

ISLAMABAD: A 15-member team of the Financial Action Task Force (FATF) has concluded a five-day visit to Pakistan, a move that could pave the way for Pakistan to finally exit the grey list by the global financial watchdog.

A special unit of the Federal Board of Revenue (FBR) briefed the FATF delegation on the measures related to improving the tax system and controlling money laundering at airports. The FATF team was also briefed on the income tax system of Pakistan Customs.

According to reports, the FATF expressed satisfaction with the measures taken by the FBR.  The FATF team also visited the Federal Investigation Agency’s (FIA) Headquarters and the Anti-Money Laundering (AML) Directorate where they were given a briefing on the implementation of the action plan.

The FATF delegation held meetings with the relevant authorities and verified the steps Pakistan had taken to fulfil the requirement of the financial watchdog on money laundering and terror financing.

The FATA team stayed in the country from August 29 to September 2 during which it was accorded state guest level protocol. The findings of the FATF team would be discussed and reviewed in the next meeting scheduled in Paris in October.

The final announcement will be made on whether to remove Pakistan from the grey list based on the findings of the on-site review committee.

The Economic Coordination Committee (ECC) had approved a special grant of Rs7 million for FATF Secretariat to provide the FATF team accommodation, food, travel and security.

In June, the FATF had hinted at Pakistan’s removal from the grey list after it concluded that the country complied with the 34-point plan of action. It agreed to send its team for the verification of those steps.

Pakistan was placed on the grey list by FATF in June 2018 for deficiencies in its system to curb money laundering and terror financing. It was given a 27-point action plan and later another 7-point plan to comply with the FATF’s requirements.

Pakistani officials have expressed confidence that the FATF team would give a positive assessment of the country’s progress and come clean with clean over deficiencies in the system to curb money laundering and terror financing.

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