The Global Cooperation Review Group of the Financial Action Task Force (FATF) will meet in Paris on February 24-25 and will decide whether or not to remove Pakistan from the FATF grey list.
Pakistan has been on the FATF’s grey list since 2018, and it has been taking measures to get excluded from it.
In October, President FATF, Marcus Player, praised Pakistan’s progress, yet he announced during a press briefing that Pakistan’s actions would be reviewed again in February.
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It is pertinent to mention here that Pakistan’s economy suffered a loss of $38 billion due to being on the FATF grey list time and again from 2008 to 2019. By being on the FATF grey list, Pakistan has been facing economic losses for 13 years.
Initially, Pakistan was removed from the FATF grey list in 2009 and then was put back on it for four consecutive years, meaning 2012 to 2015. From 2015 to 2018, Pakistan was not on the grey list. Yet since 2018, it has been on the list.
Being on the grey list, Pakistan’s economy lost a total of $13.43 billion from 2012 to 2015 and $10.31 billion in 2018 and 2019.
Pakistan carried out legislation to get out of the FATF grey list and took steps to curb money laundering and sabotage financing.
It is to note that India, as usual, has launched its anti-Pakistan propaganda ahead of the FATF meeting to further damage its image.
