A meeting of Financial Action Task Force (FATF) is going on in Paris, attended by Caretaker Finance Minister Dr Shamshad Akhtar.
Pakistan is expected to be placed on the FATF grey list during the crucial six-day meeting from June 24th to 29th in Paris.
Caretaker Finance Minister Dr Shamshad Akhtar had arrived in Paris on Monday along with officials of the financial monitoring unit to fight for Pakistan’s case over ‘grey list’.
Dr Akhtar and her team, in the FATF meeting will provide details regarding the out steps taken by the country to curtail terror financing and money laundering. Also she will put up a strong case on not placing Pakistan’s name on the grey list
Earlier in February, during a plenary meeting of FATF it was decided that Pakistan’s name shall be in placed in the grey list due to global money-laundering.
Then, as a result, the National Security Committee (NSC) on June 8 reaffirmed its commitment to cooperate with FATF.
A statement was issued after the NSC meeting, “The committee reaffirmed the commitment of the country to work with FATF and other international organizations in achieving common goals and shared objectives”
Moreover, Pakistan also took measures in keeping with FATF regulations. In this regard, on June 20, the Securities and Exchange Commission of Pakistan (SECP) issued ‘Anti Money Laundering and Countering Financing of Terrorism Regulations 2018’, following FATF’s recommendations.
In the past, from 2012 to 2015, Pakistan was placed on the FATF grey list.
Whereas, FATF is a global body that work against terrorist financing and money laundering.
Pakistan has been struggling in recent past to avoid being added to a list of countries deemed non-compliant with anti-money laundering and terrorist financing regulations by the FATF. Officials fear that placement of Pakistan’s name in grey list can impose negative effect on country’s economy.