Nation aims to exit FATF grey list by June
Pakistan has completed almost 90% of its current action plan
Pakistani officials say that the country is committed to compliance with the Financial Action Task Force (FATF) standards after the watchdog announced to keep Pakistan on its grey list for another four months.
Pakistan has completed almost 90 per cent of its current FATF action plan with 24 out of 27 items rated as ‘largely addressed’ and remaining three items ‘partially addressed’, said Minister for Industries Hammad Azhar. Pakistan’s high-level political commitment since 2018 that led to significant progress has also been acknowledged by the global illicit financing watchdog, he stated.
Speaking at a press conference in Islamabad yesterday, Hammad Azhar said that Pakistan is perhaps subjected to the most challenging and comprehensive action plan by FATF. “We are also subject to dual evaluation processes of FATF with differing timelines”. However, “Pakistan remains committed to complying with both FATF evaluation processes” and the remaining three points on the FATF’s action plan would be accomplished soon, he declared.
He also commended the hard work by multiple federal and provincial departments to comply with the FATF requirements “despite a very tough action plan, tight timelines, and the challenges posed by the Covid-19 pandemic.”
Hammad Azhar said Pakistan’s target now is to complete the 27-point action plan to improve its economic indicators and send a clear message to the world that Pakistan’s financial systems secure. Responding to speculations about downgrading to black list, the minister said that “blacklisting was not an option because the country has achieved significant progress” by choking money laundering and terror financing.