New Delhi: The Financial Action Task Force (FATF) delegates representing 206 members of the Global Network and observer organisations, including the International Monetary Fund, the United Nations, the World Bank and the Egmont Group of Financial Intelligence Units, will take part in the last Plenary under the two-year German Presidency of Dr Marcus Pleyer from June 14 to 17.
The meeting is crucial for Pakistan as the country is under FATF's grey list for failing to check terror financing. In its last plenary meeting in March, the FATF had retained Pakistan’s listing, asking it to expeditiously address the remaining deficiencies in its financial system. According to media reports in Pakistan, Islamabad is confident it has completed its task list, especially after the sentencing of Lashkar-e-Toiba chief Hafeez Saeed in April this year for a term of 32 years.
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The German government will host the hybrid event in Berlin, with a significant number of participants taking part in person. During four days of meetings, delegates will finalise the key issues including a report to prevent money laundering through the real estate sector and a report that will help financial institutions use collaborative analytics, data collection and other sharing initiatives to assess and mitigate the money laundering and terrorist financing risks they face.
Delegates will also discuss the assessments of measures to combat money laundering and terrorist financing in Germany and the Netherlands, and the progress made by some jurisdictions identified as presenting a risk to the financial system. India's Ministry of External Affairs has declined to comment on the deliberations of the FATF, which take place under complete secrecy. The outcomes of the FATF Plenary will be published on Friday 17 June after the close of the meeting.
