Pakistan has in no danger of slipping into the black list of the Financial Action Task Force (FATF) when a crucial four-day review meeting begins in Berlin tomorrow, government sources said.
According to government sources, the United States, Germany, and other important states have expressed a partial willingness to extend cooperation to Pakistan in coming off FATF grey list in view of Pakistan’s significant progress in meeting conditionalities of the FATF action plan.
Islamabad’s massive diplomatic push came on the back of recent foreign visits of Prime Minister Shehbaz Sharif, Foreign Minister Bilawal Bhutto and State Minister Hina Rabbani Khar. The matter of FATF grey list figured in discussions during these visits in which important FATF member countries expressed their soft corner towards Pakistan.
The government sources said that except those relating to prosecution of money laundering almost all points of the FATF action plan have been implemented. Pakistan has made significant progress in prosecution of money laundering crimes, undertaking all relevant legal reforms including amendments in laws.
Pakistan is of the view that it has an impartial, independent and transparent judiciary like the rest of the world, insisting that money laundering and terrorism financing cases can be prosecuted under the prevailing legal mechanism.
However, the flaws found in the prosecution system have been rectified while the directorate established with regard to Designated Non-Financial Businesses and Professions (DNFBPs) has become operational, the sources said.
According to sources, chances of Pakistan getting off the gray list are bright when the main meeting of FATF gets underway in Berlin from 14th to 17th June. Pakistan has implemented 32 out of 34 points of the two FATF action plans given in 2018 and 2021, according to sources in the Ministry of Finance.
Pakistan has implemented 26 out of 27 points of the 2018 action plan and six out of seven points under 2021 action plan, the sources said. Hina Rabbani Khar will lead the Pakistani delegation at the FATF meeting. Issues relating to Pakistan will be reviewed in the meeting on 15th-16th June. However, the final outcome about Pakistan’s placement on the grey list will become clear in the week.
The government sources hinted at the possibility of Pakistan staying on the grey list for a while if any further progress was required but remained hopeful Pakistan’s chances of removal from the list were higher than previously due to the massive diplomatic campaign.