ISLAMABAD (92 News) – Indian efforts to place Pakistan on black list failed after the Financial Action Task Force (FATF) decided to keep Pakistan on the grey list until February 2021.
This was announced by FATF President Marcus Pleyer during a virtual press conference after the body's three-day plenary session on Friday.
To a question, Pleyer said that the FATF members had decided by consensus that Pakistan needed to work on the six outstanding items before the body would consider paying an 'on-site visit' to review Pakistan's progress on the ground.
Answering another question, he said that after the on-site visit by an assessment team, the FATF would review Pakistan's case in its plenary meeting and decide if the country should be removed from the 'grey list'. He pointed out that there was another process going in on in the Asian Pacific Group where Pakistan's case is being evaluated.
After the FATF decision, Minister for Industries Hammad Azhar said that Pakistan had "achieved impressive progress" and congratulated federal and provincial teams "who have worked day and night even during the pandemic to ensure this turn around".
The minister said that due to Pakistan's progress FATF had "acknowledged that any blacklisting is off the table now".
Pakistan has been on the FATF’s grey list since June 2018. The grey list comprises countries being monitored by the watchdog.
Earlier in a statement issued after the plenary session, the FATF said: "To date, Pakistan has made progress across all action plan items and has now largely addressed 21 of the 27 action items. As all action plan deadlines have expired, the FATF strongly urges Pakistan to swiftly complete its full action plan by February 2021."
The statement added that Pakistan needed to work on four areas to "address its strategic deficiencies". These include: