The Financial Action Task Force (FATF) held a three-day plenary meeting in Paris. In addition to discussing a series of other issues, it will also determine whether Pakistan has made enough progress to be removed from the FATF greylist.
However, no decision is expected before the last day of the meeting, which is Thursday, October 21.
FATF stated that the hybrid plenary meeting (October 19 to October 21) will have "205 member and observer organizations of the global network, including the International Monetary Fund, the United Nations and the Egmont Group of Financial Intelligence Agency". In a statement.
"The results of the FATF plenary
meeting will be announced at the end of the meeting on Thursday, October 21," it said.
The FATF Chairman will hold a press conference at 8:30 pm Pakistan Standard Time on Thursday.
Although Pakistan is listed separately, the agenda of the FATF meeting is broad.
“FATF will complete key reports, including revised guidelines for virtual assets and their service providers, and discuss the next steps to strengthen the transparency standards for beneficial ownership. Delegates will also discuss the results of the FATF investigation to determine different anti-money laundering and anti-money laundering and anti-money laundering Areas where terrorist financing rules or their implementation cause friction in cross-border payments. The FATF is leading the G20’s priorities in improving cross-border payments,” the statement read.
Pakistan's two action plans
At the beginning of June this year, FATF regional partner Asia Pacific Group (APG) ruled that Pakistan will remain on the gray list.
Pakistan was asked to develop two action plans: 27 original action plans agreed by Pakistan in June 2018, and an additional 40 action plans outlined by APG in 2019.
In June 2021, the APG meeting emphasized the need to comply with these two plans.
Pakistan has already met 26 of the 27 originally planned. According to Energy Minister Hammad Azhar (Hammad Azhar), 35 of the 40 items in the APG Action Plan have also been declared as “compliant” or “basic compliance”.
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