Hafeez for expediting efforts to get out of FATF grey list

FINANCE MINISTER STRESSES STRICT ADHERENCE TO TIMELINES FOR SUCCESSFUL COMPLETION OF ACTION PLAN

Federal Minister for Finance and Revenue Dr Abdul Hafeez Shaikh has urged the concerned ministries and departments to expedite efforts for fulfilling requirements in a few remaining areas to get rid of the grey list of the Financial Action Task Force (FATF).

The finance minister said this while chairing the 17th meeting of the National Executive Committee (NEC) on Anti-Money Laundering at the Finance Division on Monday.

The finance minister stressed that strict adherence to timelines would culminate into successful completion of the FATF Action Plan. He acknowledged the robust progress demonstrated by the relevant ministries and departments.

He commended the great efforts made by the National Executive Committee, under the chairmanship of the Minister for Industries and Production Hammad Azhar, in achieving major milestones with reference to the 27-point FATF Action Plan. The unity of purpose, teamwork and meticulous coordination among various ministries and departments concerned have brought Pakistan closer to achieving the target of completing FATF Action Plan despite enormous challenges, he added. FMU Director General Lubna Malik briefed the committee on overall progress achieved on the FATF Action Plan and outlined efforts underway for the remaining targets to be achieved in due course of time. She said that Pakistan has received international recognition and support for making strides vis-a-vis an exigent Action Plan given by the FATF.

Federal Minister for Industries and Production Hammad, Secretary Law Raja Naeem Akbar, Secretary Finance Kamran Ali Afzal, Director General-FATF Khawaja Adnan, Director General-OPS NAB Zahir Shah, Director General (CT) Ministry of Foreign Affairs Asim Ali Khan, Deputy Governor State Bank of Pakistan Jameel Ahmed, Additional Director General FIA Ahsan Saqib, Director General MO Major General Nauman Zakaria and senior officials of the Finance Ministry participated in the meeting. On Thursday, FATF decided to keep Pakistan on the grey list till June 2021 at the end of its four-day plenary meeting.

The announcement was made by FATF President Dr Marcus Pleyer at a press briefing on the outcomes of the FATF plenary. “Pakistan remains under increased monitoring,” the president said.

“FATF recognises Pakistan’s counterterrorism efforts, however, there are still some serious deficiencies that the country needs to address,” Dr Pleyer said. “All of these areas relate to terror financing, three out of 27 points need to be fully addressed,” he added.