The 41-member APG had adopted 3rd Mutual Evaluation Report (MER) on Pakistan during Aug 13-18 meetings in Canberra, Australia, and downgraded the country to "Enhanced Follow-up" category over technical deficiencies to meet normal worldwide financial standards by October 2018.
With the looming risk of being placed on the FATF blacklist with Iran and North Korea facing them, a delegation led by Pakistan's economic affairs minister is now presenting its case before the financial watchdog on the measures taken by Islamabad to curb terror financing and money laundering.
Last week the final Mutual Evaluation Report of the Asia Pacific Group (AGP) - an FATF style regional body - had said Pakistan faces high risks of money laundering and terror financing and needs to improve understanding of the risks also emanating from various terrorist groups "operating in the country".
The country was placed on grey list a year ago after FATF decided that Islamabad had failed to take enough measures to curb money laundering and terror financing, and now India was lobbying to place it on FATF black list.
The Financial Action Task Force (FATF) has decided, in principle, to keep Pakistan in its "Grey List" until February 2020, directing Islamabad to take extra measures to completely eliminate terror financing and money laundering, media reported on Wednesday.
The report was submitted by Hammad Azhar who was heading the 15-member delegation to Bangkok for the FATF negotiations. The global watchdog for terror financing and money laundering had found that Pakistan was non-compliant on 32 of the 40 compliance parameters of terror financing and money laundering.
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The Indian Express has learnt that China and Turkey are pushing for giving Pakistan a "little more time" to fulfill the commitments made. Due to these adverse findings, the APG has already chose to place Pakistan on its Expedited Enhanced Follow up reporting list.
If Pakistan continues with the "Grey List" or puts in the "Dark Grey" list, it would be very hard for the country to get financial aid from the International Monetary Fund, the World Bank, and the European Union, making its financial condition more precarious.
The Paris-based body is reviewing the progress made by Pakistan until April this year, during the FATF Week, which began on 13 October and will conclude by 16 October.
China holds the current FATF presidency. A press statement will be released on October 18.
An inter-governmental body established in 1989, FATF was established to combat money laundering, terrorist financing and other related threats to the integrity of the global financial system.
"However, Pakistan is partially compliant on 26 and largely compliant on nine recommendations", it added. It further highlighted that Pakistan has shown appropriate progress since Oct 2018.