The sustainability of the international AML regime and the role of the FATF. The objectivity of the greylisting process of developing jurisdictions like Pakistan

Nasir Sultan, Norazida Mohamed, Jamaliah Said and Azroz Mohd

Journal of Money Laundering Control, 2023, vol. 27, issue 1, 76-92

Abstract: Purpose - This study aims to explore the perception of the compliance officers of the Pakistani financial sector towards the placement of Pakistan on the grey list by the Financial Action Task Force (FATF). Design/methodology/approach - To achieve this objective, the study adopted a qualitative methodology and conducted semi-structured interviews with different financial institutes and their regulators. Findings - The study found that role of the FATF is lopsided and politically motivated towards Pakistan. Although Pakistan has loopholes like many other countries, its treatment in the FATF is irregular. Therefore, the decision of the greylisting is not purely based on technical compliance, but political preferences are the determinative aspect. Originality/value - This study provides a holistic overview of the FATF greylisting mechanism and how Pakistan is treated. This might provide both the FATF and Pakistan to revisit their policies.

Keywords: Money laundering; FATF; Grey list; Technical compliance (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jmlcpp:jmlc-12-2022-0166

DOI: 10.1108/JMLC-12-2022-0166

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