The Financial Action Task Force (FATF) said on Friday that Pakistan has completed all 34 items on two separate action plans, adding that monitoring is now aimed at verifying the country’s implementation and stability of anti-money laundering and counter-money laundering. for a site visit. Before removing terrorism financing measures from its enhanced watch list, also known as the Gray List.
According to a statement by the Global Money Laundering and Terror Financing Watchdog, Pakistan has substantially completed all items on both its action plans, which shows that there was the necessary political commitment to implement and maintain reform in the future. .
Announcing the watchdog’s decision, FATF President Dr Marcus Player acknowledged the reforms implemented by the country, saying “they are good for the country’s stability and security”.
However, he added that “Pakistan is not being removed from the gray list today. The country will be removed from the list if it successfully visits the site”. Plier said that Pakistan will have to ensure [during the visit] That it effectively dealt with money laundering and the funding of terrorist groups.
“Pakistan demonstrated that terrorism financing investigations and prosecutions target senior leaders and commanders of UN-designated terrorist groups and there has been a positive increase in the number of money laundering investigations and prosecutions in Pakistan in line with Pakistan’s risk profile.” The sentinel’s written statement said.
It added that Pakistan also addressed its 2021 action plan extensively ahead of schedule.
Soon after the development, Minister of State for External Affairs Hina Rabbani Khar congratulated the country, saying that the international community “unanimously” accepted the country’s efforts.
“Our success is the result of a challenging four-year journey. Pakistan reaffirms our resolve to continue the momentum and boost our economy,” he said.
In a video message, Khar said, “Now begins our process of exiting the gray list as per FATF procedure, according to which a technical evaluation team will be sent to Pakistan.
“It is our utmost effort that this team completes its work before the full cycle of October and we have told them that we will ensure their convenience and ease,” he said, adding that the process will end in October.
Poverty Alleviation and Social Security Minister Shazia Marri also praised the developments as “good news”.
He said that Pakistan has covered a lot of grounds to combat money laundering and counter terror financing through implementing action plans.
“The association with the FATF has led to the development of a robust AML/CFT framework in Pakistan and has resulted in improving our systems to meet the challenges of the future,” she said.
The FATF’s decision came during a news conference after the conclusion of the four-day plenary session that began in Berlin, Germany on Tuesday.
Delegates representing 206 FATF members and observers – including the International Monetary Fund (IMF), the United Nations, the World Bank and the Egmont Group of Financial Intelligence Units – attended the plenary session.
Reading: There and again – a timeline of Pakistan’s unfortunate ‘grey listing’ by FATF
diplomatic sources first Told dawn That China and some other allies were working quietly to get Pakistan out of the gray list during the latest plenary session.
Recent reports in the international media have also referred to this “quiet lobbying” led by China, and an Indian media outlet reported that the plenary session is “likely to decide to take Pakistan out of the list of countries that , commonly known as the Gray List”.
Several politicians, mostly from PTI, and journalists posted on social media today that the FATF has removed Pakistan from the gray list. However, at that time, Khar, who was Pakistan delegation led In Berlin, cautioned that results and speculative reporting should be avoided.
He pointed out that the plenary meeting was still underway and the FATF would issue a statement tonight following their conclusion.
He said that a press conference in this regard will be held in the Ministry of External Affairs on Saturday (tomorrow).
Information Minister Maryam Aurangzeb also called for an end to speculations about the results of the plenary session, terming it unwarranted.
Four years on the gray list
Pakistan is on the gray list since June 2018.
sources told dawn That the April 9 verdict of the Anti-Terrorism Court in Lahore can also help Pakistan remove this stigma. Court was sent Lashkar-e-Taiba chief Hafiz Saeed jailed for 33 years on terrorism charges.
Those who support the move to remove Pakistan from the list point out that the two cases in which he was imprisoned were filed by Pakistan’s counter-terrorism department.
In its last plenary session held in Paris in March this year, the FATF noted that “Pakistan has completed 26 of the 27 work items in its 2018 Action Plan”. The FATF encouraged Pakistan to “address, as soon as possible, one remaining item – investigating the financing of terrorism and targeting senior leaders and commanders of UN-designated terrorist groups”.
The FATF acknowledged at the time that Pakistan had also completed six of the seven action plan items – part of a separate list – it was asked to comply with in June 2021 to combat money laundering. In June 2021, when most observers expected Pakistan to be removed from the watch list after completing 26 of the 27 items on the original action plan, the watchdog, in a surprise move, announced that Pakistan should show compliance. Will happen. parallel seven-point plan To reach safe shores.
For the latest plenary session, the Ministry of External Affairs had prepared a presentation for the FATF plenary session, showing how Pakistan had completed all 27 tasks that were assigned to it.
How is a country removed from the list?
According to FATF WebsiteRemoval of a country from a watch list requires completing all or almost all of the components of its action plan. Once a global watchdog has determined that a country has met the components, it will “verify that the necessary legal, regulatory, and/or operational reforms are under implementation and that the necessary political Commitment, will schedule a tour on site.” and institutional capacity to maintain implementation”.
If the visit yields a positive result, the FATF will decide to remove the country from public recognition at the next plenary session.
The country will continue to work on improving its anti-money laundering and counter-terrorism financing regimes through the normal follow-up process of the FATF.
PTI’s ‘success’
Amid speculation about Pakistan’s possible exit from the list, cabinet members of the former PTI government claimed credit for the alleged development.
Former finance minister Shaukat Tarin said the “removal” was another feather in the cap of Hammad Azhar, a former energy minister and also the government’s top coordinator for anti-money laundering and counter-terrorism financing efforts.
Former Human Rights Minister Shireen Mazari tweeted, “Another success for PTI Govt. #FATF #ThankYouImranKhan.”
Senator Ejaz Chaudhry said he expected Pakistan to be out of the gray list today, terming it as a result of the work of the Imran Khan-led government.
Chowdhary feared that the present government would take credit for it.
The party’s official Twitter account also said, “If we come across the #FATF whitelist today, the imported government will probably try to take credit. But everyone should know that since the regime change, any law related to FATF Hasn’t passed, so if it’s a success at FATF, it’ll be another #ThankYouImranKhan event!”