TIL Desk/World/Islamabad/ Pakistan may remain on the grey list of the Financial Action Task Force (FATF) beyond February 2020, mainly because of its risk profile and in view of two simultaneous evaluations, according to senior officials.
The officials provided this information to a parliamentary panel on Thursday, adding that the government has recovered only about $35 million in taxes on foreign assets worth about $7.4 billion of Pakistanis reported by the international community under information exchange arrangements.
“Pakistan faces greater challenges than many other countries because of its risk profile,” Hammad Azhar, the Minister responsible for economic affairs division, said on Thursday while speaking at a meeting of the National Assembly”s Standing Committee on Finance and Revenue.
He said that some countries had been removed from the grey list after just 80 per cent compliance while Pakistan was being pressurised to ensure 100 per cent compliance with the action plan. “Pakistan is being viewed from a very high threshold; there is a political element to this,” he said, adding that Afghanistan was not on the FATF grey list.