2022 FATF Plenary Meeting | Editorial

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The Financial Motion Activity Pressure (FATF) is scheduled to fulfill this week, from June 14 to 17, 2022, in Berlin the place it will likely be determined whether or not Pakistan has fulfilled all the necessities wanted to exit the record. In response to sources, Pakistani officers seem like fairly hopeful of a optimistic consequence from the plenary assembly as they consider that there was substantial progress that has been acknowledged by FATF members.

There isn’t a denying that Pakistan has put in honest efforts over time to carry concerning the advisable structural modifications. In actual fact, many consultants are of the opinion that only a few international locations have been subjected to the form of scrutiny which Islamabad has in the course of the previous 4 years. Moreover, it should be identified that Pakistan had accomplished most of its necessities, and the gray itemizing was prolonged over sure anti-money laundering measures, for which international locations such because the UAE have additionally been included within the record.

Now that the authorities have performed their half, it stays to be seen if the FATF group is happy with the progress. It is usually necessary to recognise the efforts of the earlier authorities in relation to instituting key reforms throughout its tenure and bringing us so near the end line. Earlier than Pakistan might be excluded from the record nonetheless, FATF is predicted to ship its group over for onsite inspection to take inventory of the progress that has been made.

The indicators seem like optimistic throughout with the German Ambassador to Pakistan, Bernhard Schlagheck additionally stating that he expects a optimistic verdict for Pakistan and that additionally it is doubtless that its GSP Plus standing can be renewed. Removing from the record will come as a major aid for Pakistan and also will maybe scale back the challenges confronted by the nation in relation to attracting overseas direct funding. Pakistan has needed to endure so much when it comes to elevated scrutiny and reputational harm and the hope is that this chapter might be closed as soon as and for all.​

Supply: Revealed in The Nation



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