ISLAMABAD: The Financial Action Task Force (FATF) on Friday rebuked Pakistan by noting in its important meeting held in Paris it needs to do more to get out of grey list.
FATF took Pakistan’s case on October 23, 2020 and noted that although it did took a number of steps to meet some.of conditionalities attached by the task force which were encouraging but it was yet to show improvement in 6 major areas.
FATF chairman in his virtual press conference said FATF was not discriminatory against Pakistan , rather it acknowledges , improvement made by Islamabad in 21 out of 27 areas.
However, he added, Pakistan would be required to fulfil the remaining 6 conditionalities to get out of the grey list.
FATF chief said till February 2021, Pakistan will remain in the grey list.
He said an FATF team will visit Pakistan before February next year and on the outcome of the visiting team FATF will decide Pakistan’s case in its next meeting to be held in February 2021.
FATF’s statement of October 23,2020 has dashed Pakistan’s hopes to get out of its grey list.
Pakistan had made a number of hard decisions including introduction of harsh anti -money laundering laws in the recent past with a hope that it will help it get out of FATF grey list .
Pakistan is in FATF grey list for the last more than one year, which has undermined its efforts aimed at recovery of its economy.
Although FATF is assuring Pakistan in its every review meeting that it was considering Islamabad’s case on merit, but Pakistan strongly believes its anti -Pakistan lobby ,particularly, the Indian were using this international forum to twist its arm.
“We have done a great deal of job to implement 21 out of 27 conditionalities and work on the remaining areas was also in progress , but FATF came out with a disappointing decision on October 23,2020 of keeping Islamabad in grey list”, a senior policy -maker said while commenting on FATF decision. The policy-maker did not want to be named in the story.
The policy-maker was convinced FATF was, beyond any doubt, showing its bias towards Pakistan to keep it in the grey list.
Majority of the policy-makers in Islamabad were disappointed over FATF latest decision.
Hammad Azhar, the advisor to prime minister, Imran Khan, in his comments said “FATF acknowledged Pakistan’s seriousness in fulfilling its requirements and it will help Islamabad do the rest of its work to get out of grey list in February 2021.