September 28, 2020

Pakistan Submits A 450-Page Compliance Report To The FATF

Pakistan recently submitted a 450-page report to the FATF, consisting of the steps taken by the current government to meet the conditions put forward by the FATF. The report would be analyzed in the coming month and would serve as the basis for the upcoming meetings of FATF officials and Pakistan. This compliance report would decide whether Pakistan would be removed from the grey list or not.

Officials said that the FATF put forward 27 points for Pakistan to work on and the report provides details regarding the step taken. If Pakistan proves its compliance with at least 18 points from among the 27, it would be removed from the grey list, as per the rules of the FATF. Another major factor for Pakistan is to gather as much political support internationally as it can. The ongoing negotiations with the Taliban would play a major role, as the success of these negotiations would bring America on Pakistan’s side. Moreover, Pakistan’s actions against the banned outfits and their funding would also play a vital role in the decision from the FATF.

Pakistan also took help from two consultants in the drafting of the report. Officials said that the consultants have helped different countries in the past and were familiar with the FATF methodologies.

Pakistani delegation reached Australia with the report to talk with the FATF’s Asia Pacific Group to exit the grey list. The delegation comprised of Officials from National Counter Terrorism Authority (NACTA), the Federal Board of Revenue (FBR), the Securities and Exchange Commission of Pakistan (SECP), the Federal Investigation Agency (FIA) and the Financial Monitoring Unit (FMU).

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