Pakistan all set to exit FATF's grey list by September

MG News | April 05, 2019 at 03:41 PM GMT+05:00

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April 5, 2019 (MLN): In line with a recent report published by Khaleeji Times, Pakistan is all set to exit the Financial Action Task Force’s (FATF) grey list by September, given that it complies with all of the mandatory requirements set forth by FATF.

Pakistan had been earlier placed on FATF’s watch list as it failed to provide any conclusive result in relation to anti-money laundering and combating the financing of terrorism.

Executive Director for Banking Policy and Regulation Group at the State Bank of Pakistan, Mr Syed Irfan Ali said that Pakistan has mandated upon itself to enforce the FATF plan in letter and spirit. “Whatever the requirements about the FATF plan are” he said, “they will be imposed and Pakistan will be out of grey list by September 2019. FATF is a risk but we are addressing it in the right letter and spirit," he added.

Foreign Minister Shah Mahmood Qureshi on Monday said that Pakistan may suffer annual losses amounting to $10 billion if it remains in the terror financing watchdog's grey list.

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