Few days after Pakistan received “Good News” From the Financial Action Task Force (FATF), Foreign Minister Bilawal Bhutto Zardari called on Pakistan’s “high-level” commitment to align the country’s anti-money laundering (AML) and counter-terrorism financing (CFT) regime with global standards. repeated.
His remarks came after the FATF acknowledged on Friday that Pakistan had completed all 34 items on two separate action plans.
The next step entails a visit to the country to verify the implementation and stability of the country’s anti-money laundering and counter-terrorism financing measures, before being removed from the country’s enhanced watch list, also known as the “grey list”. Is.
The watchdog had included Pakistan in its increased surveillance jurisdiction. June 2018,
“The Government of Pakistan remains committed to continuing the positive path of financial sector reforms as part of its larger strategic objective of strengthening Pakistan’s economy,” the Foreign Minister said in a statement issued by the Foreign Office on Sunday.
“I am sure this good news from FATF will restore confidence in Pakistan’s economy and act as a catalyst for continued growth and development.”
EAM reiterated the Government’s “high level commitment” to continue to align our AML/CFT regime with global standards.
He said the country looked forward to the visit to the site and “a successful and early culmination of this process, which has taken Pakistan off the gray list”.
Welcoming the unanimous acceptance of the FATF by Pakistan to complete the 2018 and 2021 action plans, the Minister appreciated the “hard work and dedicated efforts” of the FATF team of Pakistan, stating that all the technicalities of both the plans The requirements were successfully met.
“It was the result of concerted national efforts and complete synergy of interests of all stakeholders,” he said.
“The announcement by the FATF plenary to visit Pakistan’s site is a welcome development. It reflects the remarkable progress made by Pakistan in enhancing the effectiveness of its AML/CFT regime,” he said.
Eligible for visit to Pakistan site
Announcing the watchdog’s decision on Friday, FATF President Dr Marcus Player acknowledged the reforms implemented by the country, saying “they are good for the country’s stability and security”.
However, at the conclusion of the four-day plenary session in Berlin, he said that “Pakistan is not being removed from the gray list today. If the country successfully travels to the site it will be removed from the list”.
Plier had said that Pakistan will have to ensure that [during the visit] That it effectively dealt with money laundering and the funding of terrorist groups.
Hina Khar cautions against celebrating ahead of time
The next day, Hina Rabbani Kharo, Minister of State for External Affairs warning Against the premature festivities, but nonetheless described the country’s progress so far as nothing less than “extreme effort”.
On the planned on-site visit, he said it was a necessary procedural requirement before the FATF considered the country eligible to be removed from its gray list.
However, he expressed optimism that Pakistan was “one step away” from exiting the said list, which it had been for four years.
Talking about the lessons Pakistan learned, Khar said the message to the country was “never again”.
“We would never again want to be part of a list that would require us to divert our attention from our national needs. [international] reporting requirements. We never want to slip into it again. This is the biggest lesson.”