News Karnataka
Saturday, October 08 2022
Asia

Islamabad: FATF team completes onsite visit to decide Pakistan’s fate

visit to Pakistan
Photo Credit : IANS

Islamabad: A 15-member team of the Financial Action Task Force (FATF) quietly concluded a five-day visit to Pakistan, a move that may pave the way for Islamabad to finally exit the grey list, local media reported.

The findings of the 15-member FATF team would be discussed and reviewed in the next meeting of FATF, scheduled in Paris in October, The Express Tribune reported.

The positive outcome of the onsite team’s findings would allow Pakistan to finally come clean over deficiencies in the system to curb money laundering and terror financing.

Official sources confirmed that the FATF team, which was given a state guest level protocol, stayed in the country from August 29 to September 2, The Express Tribune reported.

The Economic Coordination Committee (ECC) approved a special grant of Rs7 million for FATF Secretariat to provide the 15-member FATF team accommodation, food and travel.

The visit was kept under wraps but sources said the FATF delegation held meetings with the relevant authorities and verified the steps Pakistan had taken to fulfil the condition of international financial watchdog on money laundering and terror financing.

The FATF in June had hinted at Pakistan’s removal from the grey list after it concluded that Pakistan complied with the 34-point plan of action and 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 first given a 27-point action plan and later another seven-point plan to comply with the FATF’s standards, The Express Tribune reported.

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