In order to determine whether to remove Pakistan from the “grey list,” the Financial Action Task Force (FATF) Onsite Inspection Team will visit Pakistan in the first week of September to review rules, regulations, and institutional mechanism strengthening.
When asked about the forthcoming visit of the FATF team, Minister for Finance Miftah Ismail said that the Foreign Office was handling FATF matters. However, the FATF team was anticipated to arrive in Pakistan in the first week of the next month.
FATF requirement: International travelers must complete money declaration forms.
Hina evaluates the reforms before the FATF delegation visits.
FATF condition: Filling out currency declaration forms made must for international passengers
Hina reviews reforms ahead of the FATF team visit.
Pakistan was added to the FATF’s grey list in June 2018, and despite Islamabad’s best efforts, it was not taken off the list. Ironically, Pakistan had to adopt two distinct action plans at the same time, but at this point, all of them have been fully implemented.
Financial Action Task Force
The FATF team will examine the arrangements made by the ministries, pertinent departments, regulators, and law enforcement organizations to determine whether or not these systems and processes were viable for permanently combating money laundering and terrorism funding.
When the Onsite Inspection Team was supposed to visit Pakistan and what procedures would be followed following this visit in order to remove Pakistan from the grey list were inquiries that this reporter forwarded to the FATF’s headquarters in Paris.
In a written response, the FATF stated, “A jurisdiction must address all or virtually all the elements of its action plan in order to be withdrawn from FATF monitoring. Once the FATF has established that the jurisdiction has done so, it will arrange a site visit to ensure that the necessary legislative, regulatory, and/or operational reforms are being implemented and that there is the required political commitment and institutional strength to continue implementation. The FATF will decide whether to remove the jurisdiction from public identification at the following FATF plenary if the results of the on-site visit are favorable. The affected jurisdiction will then go on working to enhance its AML/CFT regime within the FATF or the pertinent FSRB through its regular follow-up procedure. Confidential information includes specifics of the onsite visit.
Last June 2022, the FATF found Pakistan compliant on all 34 points and recommended an onsite visit to verify the progress made by the country.