Pakistan strikes nearer to elimination from ‘gray listing’

Says Islamabad completes FATF’s motion plans forward of set occasions; Hina congratulates countrymen

The Monetary Motion Activity Drive (FATF) mentioned on Friday that Pakistan had met all 34 objects on two separate motion plans, including that the watchdog will now schedule an on-site go to to confirm the implementation and sustainability of the nation’s cash laundering and counter-terrorism financing measures earlier than eradicating it from its elevated monitoring listing, often known as the gray listing.

Based on an announcement by the worldwide cash laundering and terrorist financing watchdog, Pakistan has considerably accomplished all objects on each its motion plans, which confirmed that crucial political dedication was in place to maintain implementation and enchancment sooner or later.

Whereas asserting the watchdog’s determination, FATF President Dr Marcus Pleyer acknowledged the reforms carried out by the nation, saying “they’re good for the steadiness and safety of the nation”. He, nevertheless, added that “Pakistan isn’t being faraway from the gray listing right this moment. The nation will likely be faraway from the listing if it efficiently passes the on-site go to”. Pleyer mentioned Pakistan should guarantee (through the go to) that it successfully tackled cash laundering and funding of terrorist teams. “Pakistan demonstrated that terror financing investigations and prosecutions goal senior leaders and commanders of UN-designated terrorist teams and that there’s a constructive upwards pattern within the variety of cash laundering investigations and prosecutions being pursued in Pakistan, in keeping with Pakistan’s threat profile,” the watchdog’s written assertion mentioned. Pakistan additionally largely addressed its 2021 motion plan forward of the set occasions, it added. “The FATF will proceed to watch the Covid-19 state of affairs and conduct an on-site go to on the earliest potential date,” mentioned the watchdog.

The watchdog famous that since June 2018, when Pakistan made a high-level political dedication to work with FATF, Islamabad continued its political dedication to combating each terror financing and cash laundering that led to important progress. FATF President Dr Marcus Pleyer, whereas addressing a press convention after the plenary assembly, famous that Pakistani authorities have accomplished a number of work.

Quickly after the event, Minister of State for International Affairs Hina Rabbani Khar congratulated the nation, saying the worldwide group had “unanimously” acknowledged the nation’s efforts.

“Our success is the results of 4 years of a difficult journey. Pakistan reaffirms resolve to proceed the momentum and provides our financial system a lift,” she mentioned.

The FATF determination got here throughout a press convention after the conclusion of a four-day plenary session that started in Berlin, Germany, on Tuesday.

Delegates representing 206 FATF members and observers, together with the Worldwide Financial Fund, the United Nations, the World Financial institution, and the Egmont Group of Monetary Intelligence Items, attended the plenary session. In the meantime, Ministry of International Affairs, in a press launch, mentioned, “Pakistan continued its relentless efforts in the direction of profitable completion of those Motion Plans regardless of many challenges together with the Covid-19 pandemic. Pakistan has coated a number of floor within the Anti- Cash Laundering/Combating the Financing of Terrorism (AML/CFT) area throughout implementation of FATF Motion Plans. The engagement with FATF has led to the event of a robust AML/CFT framework in Pakistan and resulted in bettering the nation’s techniques to deal with future challenges.


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