As the meeting of the International Cooperation Review Group (ICRG) – a special group that operates under Financial Action Task Force (FATF) – comes to an end, officials from the Pakistan Ministry of Foreign Affairs indicated that Pakistan has largely complied with 21 points out of the 27-point action plan of financial watchdog; confirming The Correspondent’s report on October 13th. [Read the earlier story here]
This is a vast improvement compared to previous ratings, and the Ministry says it is in contact with the FATF to ensure Pakistan’s progress is noted in the next plenary meeting of the body to be held on October 21st, 22nd and 23rd.
Earlier The Correspondent had reported that Pakistani officials were optimistic ahead of ICRG meeting that it will improve its rating on multiple counts.
In June 2018, the Islamic Republic was placed on the grey list. The 27-point action plan was then provided to ensure the country complied with its international obligations and was informed, in no uncertain terms, that failure to do so would lead to blacklisting.