FATF grey list: Issue of beneficiary ownership’s transparency still unresolved, say sources

• Pakistan was thrice placed in grey list by FATF, in 2008, 2012 and 2018, when Pakistan was about to hold general elections.
• FATF’s first meeting under Singapore’s two-year presidency in Paris would be imperative for Pakistan.
• The diplomatic sources said T Raja Kumar would preside over the meeting, in which State Minister for Foreign Affairs Hina Rabbani Khar would lead delegation of Pakistan.

KARACHI: The issue of the Financial Action Task Force (FATF)’s requirement 24, transparency in beneficiary ownership matter, was still unresolved, Bol News reported quoting diplomatic sources as saying.

The sources said the United States and some other countries wanted Pakistan to take some more solid measures to improve the international cooperation. Whereas, the government said it was serious in addressing reservations of the international community to improve cooperation, they added.

“Pakistan has taken every possible measures to improve ties with other countries. So, there is no reason to keep Pakistan in the grey list anymore,” the sources said adding that the FATF’s first meeting under Singapore’s two-year presidency in Paris would be imperative for Pakistan.

The diplomatic sources said T Raja Kumar would preside over the meeting, in which State Minister for Foreign Affairs Hina Rabbani Khar would lead delegation of Pakistan.

Also Read

FATF team’s visit ‘smooth and successful’: FO

ISLAMABAD: Pakistan a termed a recent visit of the Financial Action Task...

In its June session, the FATF had declared that Pakistan had successfully implemented its 34-point action plan. 27 out of 34 points were regarding financial assistance of terrorism and seven points were about money laundering.

Before removing from the grey list, the FATF had decided to send a mission for on-site review. The purpose of sending the mission was to review that Pakistan had started implementation of FATF’s AMPL/ CFT reforms.

A 15-member technical team had visited Pakistan from August 29 to September 2 and met the relevant authorities. So far report of the technical team had not been issued, the sources said. The government officials claimed that the technical team had recommended removing Pakistan from the grey list.

Pakistan was thrice placed in grey list, in 2008, 2012 and 2018, when Pakistan was about to hold general elections.