The Paris-based global watchdog on dirty money announced that “The first FATF Plenary under the two-year Singapore Presidency of T. Raja Kumar will take place on October 20-21, 2022”. Participants in the Working Group and Plenary sessions in Paris will comprise the 206 Global Network members and spectator organizations, such as the International Monetary Fund, the United Nations, the World Bank, Interpol, and the Egmont Group of Financial Intelligence Units.
Decisions made by the plenary session would be made public after the two days of discussion.
In addition to other important issues, the plenary will focus on jurisdictions that have been identified as posing a risk to the global financial system. This advises on enhancing beneficial ownership clarity to stop the use of shell companies and other ambiguous structures to launder illicit funds, as well as an upgrade to official comments that identify municipalities as high risk or being subject to increased monitoring.
Due to shortcomings in its legal, budgetary, governmental, research, prosecution, judicial, and non-government sectors to prevent money laundering and battle terrorist financing, Pakistan was added to the list of jurisdictions subject to increased monitoring in June 2018 and was deemed a serious threat to the global financial system.
Under a 27-point action plan, Islamabad made high-level political pledges to resolve these shortcomings. However, later on, 34 action points were added. Since then, the nation has actively collaborated with FATF and its allies to improve its financial and legal structures against money laundering and the financing of terrorism to comply with 40 FATF recommendations and meet international standards.
From August 29 to September 2, a joint delegation of 15 people from the FATF and Asia Pacific Group, the regional affiliate of the FATF with a base in Sydney, visited Pakistan to check on the status of the nation’s adherence to the FATF’s 34-point action plan.
Pakistan said that after four years of persistent and arduous work, it had not only achieved a high level of technical conformity with FATF standards but also assured high levels of efficacy by putting into practice two extensive FATF action plans.
Pakistan was determined to be “compliant or mainly compliant” with FATF’s 34 requirements in June of this year. FATF then chose to send an onsite team to confirm this on the ground before publicly declaring Pakistan’s removal from the grey list, which eventually happened in August and September.
With regards to technical adherence to FATF requirements, Pakistan was evaluated by APG as “compliant or mainly compliant” in 38 out of 40 FATF recommendations in August of this year, placing it among the top-performing nations globally.