Pakistan Strategy: Blacklisting in the rearview mirror, (AKD Daily, Oct 26, 2020)
AKD Daily
Pakistan Strategy: Blacklisting in the rearview mirror
- In its latest three-day plenary review, the Financial Action Task Force (FATF) has expectedly retained Pakistan in ‘grey list’ – officially known as ‘Jurisdictions under Increased Monitoring’, while acknowledging the notable progress made by the country since Feb’20, in a noticeably tamed statement.
- Pakistan is now largely compliant on 21 out of 27 items of the action plan (vs. 14 in Feb’20 and mere 5 in Oct’19), with compliance to the remaining 6 to be assessed at the next plenary meeting (21-26th Feb’21)
- The overall positive tone of the statement focusing on notable progress while refraining from blanket warnings (prominent in Oct’19 & Feb’20 statements) clearly signifies that the risk of blacklisting is largely over, in our view. However, graduation from the grey list in Feb’21 appears unlikely, as the country has to complete both an action plan (by Feb’21) and an on-site assessment (likely by Jun’21).
- From the market’s perspective, while the FATF’s decision was widely expected, positive sentiments are bolstered by: i) formal acknowledgment of progress made so far and ii) the risk of blacklisting largely in the rearview mirror.
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