September 29, 2020

Pakistan Gears Up For The Upcoming FATF Meeting On Oct 15

According to sources, Pakistan has completed it’s preparations for the upcoming meeting with the FATF. The country’s officials have also completed a report for the upcoming meeting in Paris from 14-15 Oct and the report will be presented by the Economic Affairs Minister Hammad Azhar. Moreover, a report has been prepared by the SECP in which it has been highlighted that due to the strict AML/SCFT measures taken by the SECP, financial institutions generated 219 Suspicious Transaction Reports (STRs) in one year, they said that previously, the institutions generated only 13 STRs in eight years. They said that in compliance with the 40 points of the FATF, the SECP had also drafted the AML/CFT Regulations in 2018.

Pakistan has been preparing for the meeting for several months and had devised several new laws and regulations to get the country’s name out of the FATF Grey List. The government had to take several unpopular measures, such as the CNIC based invoicing policy and banning the local extremist elements. Apart from that the country also stepped up it’s efforts in the global context and lobbied to gain support from friendly nations on the international front. Pakistan would have the support of three friendly nations in the upcoming FATF meeting, China, Malaysia & Turkey. An official said that it is highly unlikely that Pakistan is blacklisted by the FATF. However, if the watchdog does not remove the country’s name from its Grey List, then Pakistan would stay in the Grey List of the FATF for at least a further 6 months.

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