-FATF President says Pakistan has met with all requirements to go off Grey List
-Announces Islamabad will be removed from shady list very soon
-Adds it will continue to monitor COVID situation in country
-Notes Pakistan has largely addressed 2021 action plan ahead of the set times
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BERLIN: The Financial Action Task Force (FATF) announced on Friday that Pakistan has “substantially completed its two action plans” and would be removed from the grey list after it passes the on-site visit.
However, Pakistan has not been officially removed from the FATF’s grey list and may be removed once the watchdog makes a visit to Pakistan. “The FATF will continue to monitor the COVID-19 situation and conduct an on-site visit at the earliest possible date,” said the watchdog. The watchdog noted that since June 2018, when Pakistan made a high-level political commitment to work with FATF, Islamabad continued its political commitment to combating both terror financing and money laundering that led to significant progress.
“In particular, Pakistan demonstrated that terror financing investigations and prosecutions target senior leaders and commanders of UN designated terrorist groups and that there is a positive upwards trend in the number of money laundering investigations and prosecutions being pursued in Pakistan, in line with Pakistan’s risk profile. In addition, Pakistan also largely addressed its 2021 action plan ahead of the set times,” said FATF.
FATF President Dr Marcus Pleyer, while addressing a press conference after the plenary meeting, noted that Pakistani authorities have done a lot of work.
“I’m glad to say that they have now largely addressed all 34 action items from their combined two action plans. Pakistan is not being removed from grey list today. The country will be removed from the list if it successfully passes the on-site visit,” said Dr Pleyer.
Soon after the announcement, State Minister for Foreign Affairs Hina Rabbani Khar — who was leading Pakistan’s delegation at the plenary session in Berlin — congratulated the country after the watchdog declared both action plans complete.
“International community has unanimously acknowledged our efforts. Our success is the result of four years of challenging journey. Pak reaffirms resolve to continue the momentum and give our economy a boost,” said Khar while congratulating the Pakistan team at FATF.
In October 2018, the FATF Asia Pacific Group had demanded more action from Pakistan to put an end to money laundering and financial assistance to terrorists.
Following a meeting in Paris in June 2018, the Paris-based organisation formally included Pakistan on its “grey list” of countries with inadequate controls over curbing money laundering and terrorism financing.
The organisation can make recommendations to any of the countries that have signed a membership charter, as well as other nations, but it has no power to impose sanctions.
