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FATF chief recognises Pakistan’s progress to get out from grey list

ISLAMABAD: Financial Action Task Force president Dr Marcus Pleyer has said that Pakistan is on the right track and making all-out efforts to get out from the grey list.

The FATF president, while elaborating the decisions taken during the three-day plenary meeting, said of the 34 conditions, Pakistan had already successfully completed 30. Even on four items so far Pakistan has made a lot of progress, he added.

To a question by an Indian journalist, Pleyer ruled out the possibility that Pakistan can be put in the Black List.

“Pakistan is implementing the FATF Plan with full commitment and it also took measures against the UN-designated terrorist groups and that’s why I totally ruled out the possibility of Black List for Pakistan,” he said.

Meanwhile, the Finance Ministry in a statement said with regard to the 2021 Action Plan of FATF, Pakistan has completed four of the seven Action Plan items. Pakistan has completed these four Action Plan items much before the timelines prescribed by the FATF.

Progress on the remaining three action items is well underway and it is aimed at completing three action items ahead of timelines set by the FATF.

The action items that have been completed included amendments in the Mutual Legal Assistance Act, 2020, AML/CFT supervision of Designated Non-Financial Businesses and Professions (DNFBPs), transparency of beneficial ownership information and implementation of Targeted Financial Sanctions for Proliferation Finance by DNFBPs

The remaining action items in the 2021 Action Plan included investigation and prosecution of money laundering cases, confiscation of assets and the UN listings.

Regarding the 2018 Action Plan, Pakistan submitted a comprehensive progress report on the last remaining Action Plan item.

The FATF acknowledged Pakistan’s continued political commitment, which led to significant progress across a comprehensive CFT Action Plan and encouraged Pakistan to report further progress on investigation and prosecution.

The plenary meeting decided to maintain the status quo with respect to Pakistan, for the time being. Considerable work had already been carried out on the remaining items of both action plans. The FATF will undertake next review of Pakistan’s progress in February 2022.

The FATF plenary meetings were held virtually from October 19 to 21, 2021, where its members discussed a variety of topics, including Pakistan’s progress.

The Pakistan delegation was led by Federal Minister for Energy and National FATF Coordination Committee chairman Hammad Azhar.

Pakistan is fully committed to completing its both action plans in cooperation with the FATF and its international partners. The high-level political commitment, which is driving its revamped AML/CFT regime, is widely recognised by the international community.

courtesy: bolnews.com

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