Pakistan and FATF

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Headquartered in Paris and established in 1989, the Watchdog; Financial Action Task Force (FATF) creates a list of White, Grey and Blacklist; describing the status of the countries as well as the global status of each country as well-established and public-friendly system, and which country is dominated by evil practices and which country’s people are in a great danger.

When this institution was formed, the problems of money laundering were on the peak, especially the drug money, black money, corruption and drug abuse were the most heinous. Initially, this organization specially addressed the 7 countries Germany , Canada, Italy, France, Japan, the UK, and the USA, also known as G-7: these countries will formulate specific strategies to meet and prevent these issues so that the money could not go out because of money laundering and corruption. With regards to Pakistan, the FATF first included Pakistan in its non-cooperative high-risk countries’ list in 2008, the year after which Pakistan succeeded in excluding it from the list, which was re-listed in Pakistan in 2012 but successfully crossed back to 2015 and for the third time, in Paris in 2018s, Pakistan was given 27 points action plan with 10 priorities to get out of the grey list. Of those 27 demands, Pakistan had met only 14, while 13 are remaining. The deadline for implementation of these demands was delayed until October 2019, after which time was given on the recommendations of some members and allies of Pakistan until February and then June 2020; And if it is not implemented the country name can be added to the blacklist. The virtual FATF plenary has been started in Paris from yesterday till 25 February in order to consider the cases of haunted countries on the grey list, including Pakistan. For this, the experts in Pakistan are very optimistic.