LUMS Faculty at Harvard: Dr. Faiza Ismail Explores Pakistan's FATF Journey in Panel Discussion
Dr. Faiza Ismail, faculty at the Shaikh Ahmad Hassan School of Law at LUMS, was invited to participate in a panel discussion at Harvard Law School. The discussion focused on the impact of the Financial Action Task Force (FATF) on developing countries, shedding light on an upcoming case study to be published by Harvard Law School. Titled ‘Pakistan and the FATF Grey List: An HLS Case Study’, held on November 28, 2023, the panel also featured Prof. Howell E. Jackson, Harvard Law School, and Dr. Shlomit Wagman, Research Fellow at the Harvard Kennedy School’s Mossavar-Rahmani Center for Business and Government and former member of the FATF Steering Committee.
Co-authored by Prof. Jackson and Dr. Ismail, this comprehensive study highlights multifaceted efforts undertaken by the Government of Pakistan in 2022 to exit FATF's 'grey list’, focusing on enhancing anti-money laundering and counter-terrorism financing frameworks.
In his opening remarks, Prof. Jackson introduced the FATF's pivotal role as a global sentinel combating money laundering and terror financing. Dr. Ismail elaborated on Pakistan's experience amidst the FATF grey listing, emphasising the improvements in the country's anti-money laundering efforts despite significant economic costs. Dr. Wagman shed light on the unconventional procedures observed during Pakistan's 2018 grey listing. Despite Pakistan’s exit from the FATF's list, Ms. Elizabeth, a representative from a US financial regulatory authority, stressed the need for thorough assessments before reinstating correspondent banking relations with Pakistan.
The session concluded with an interactive Q&A session that facilitated a dynamic exchange of perspectives between students and panellists.