Saturday , February 27 2021
Breaking News
Home / Breaking News / Govt actions to be reviewed as FATF meeting begins
Govt actions to be reviewed as FATF meeting begins

Govt actions to be reviewed as FATF meeting begins

ISLAMABAD: The Financial Action Task Force (FATF) four-day virtual Plenary session, during which Pakistan’s performance in terms of measures taken against money laundering and terror funding will be reviewed began on Monday.

According to a local media report, FATF had updated the overall performance of all countries ahead of the meeting, revealing that Pakistan has been shown improving compliance on two out of 40 recommendations of the FATF on the effectiveness of anti-money laundering and combating financing terror (AML/CFT) systems. It finds Pakistan’s progress non-compliant on four counts, partially compliant on 25 counts and largely compliant on nine recommendations.

However, Pakistan’s evaluation at the plenary would be based on a 27-point action plan and not on these 40 recommendations. Chances that Pakistan could be put in the blacklist are slim to none as it has at least three members of the FATF — China, Turkey and Malaysia — who can sustain all pressures against any downgrade. This is not only based on friendly bilateral relations but performance as well.

A final decision would be announced by the FATF president at the conclusion of the four-day virtual plenary on Feb 25.