The FATF is an intergovernmental organization and its recommendations are considered to be the international standard for steps required for anti-money laundering and combating the terror financing.
The Financial Action Task Force (FATF) had previously placed Pakistan on its watch list of countries that need to do more in relation to anti-money laundering and combating the finance terrorism.
A senior official of Pakistan’s Central Bank said:
“Islamabad will strictly implement the requirements of the Financial Action Task Force (FATF) in order to get out of the money laundering grey list”
Syed Irfan Ali, the executive director for Banking Policy and Regulation Group at the State Bank of Pakistan further added:
“The FATF challenge has to be addressed. Whatever the requirements about the FATF plan are, they will be imposed and Pakistan will be out of grey list. FATF is a risk, but we are addressing it in the right letter and spirit”.
Shah Mahmood Qureshi, on Monday said that the South Asian country could suffer $10 billion in losses annually if it remains in the terror financing watchdog’s grey list.
Analysts expect Pakistan’s remittances to reach $22 billion during the 2018-19 fiscal year, from the $19.62 billion received in the 2017-18 period.