‘Visit on site a procedural requirement’: Pakistan one step away from exiting gray list, says Kharo

Minister of State for External Affairs Hina Rabbani Khar said on Saturday that Pakistan is now “one step away” from exiting the Financial Action Task Force’s (FATF) “grey list”, and that the planned site visit is a procedural requirement.

She was briefing the media a day after the watchdog accepted that Pakistan had completed the items of the Action Plan and secured an onsite visit.

“The 2018 action plan has been put on hold and no action is pending from Pakistan side,” he said.

He shared that Pakistan had submitted three progress reports to the FATF with regard to an action plan given last year which was related to money laundering. “I am pleased to announce that Pakistan has completed the full seven-point action plan a year ahead of the given deadline.”

Khar said the development spoke of the comprehensive reforms undertaken in the Anti-Money Laundering and Counter Terror Financing (AML/CFT) domain in Pakistan and credited the country’s “sustained momentum and the results of our efforts”.

“As a result of the fruitful discussions held at the plenary meeting, the FATF has unanimously decided that Pakistan has addressed all technical parameters and completed all … action plans – 2018 and 2021.”

He described the FATF’s approval as “no less than a daunting feat and a remarkable achievement”.

Talking about the visit to the site, the minister said it was part of the process of removing Pakistan from the “grey list” and would validate the process of implementation of the reforms.

“Pakistan is one step away from exiting the gray list,” he insisted. “On-site visits mark the beginning of the end [of the] The process which will eventually result in Pakistan’s exit from the gray list, hopefully forever.”

Khar shared that the government is working closely with the global watchdog to schedule the visit on mutually convenient dates so that the process can be concluded before the plenary session of the FATF in October.

“We are uncovering the full national consensus. I assure the government’s commitment to take [process] Proceed with national consensus. I would also like to emphasize that Pakistan’s cooperation with the FATF and the international community is based on our strategic objective of strengthening our economy and improving its integration into the international financial system.

boost the economy

The Minister expressed confidence that the approval of FATF will boost confidence in Pakistan’s economy and give it the much needed boost and improve the investment climate.

“I also want to acknowledge, in fact, the relentless efforts of the teams that have put in a tremendous amount of work in achieving these difficult, difficult and complex goals. I think it is something to celebrate. Is.”

He noted that many departments and agencies at the federal and provincial levels have contributed to the national cause.

“It also shows that when we work together, across the country, across the country, we can sometimes achieve what is considered impossible. It’s going to be a cross-government effort,” she said. accepted.

The minister said that Pakistan is now in a position to not only maintain the pace of reforms but also to provide guidance and technical assistance to other countries on the list. “We’re well ahead of the curve,” she said.

“I know we are very forward regarding the financial regulation system – CFT and AML law – within the region, but we are also doing well when you compare us to international benchmarks.

“I am sure we will be fully prepared to go on site and get off the gray list as soon as possible,” she said.

“The urge to share news has hurt us in the past”, the minister said, advising caution in sharing developments related to FATF. He said the government had been “very, very careful” by allowing the plenary to announce its decision before sharing.

Removal from the “grey list” would be a new beginning, he added, adding that Pakistan would then look to strengthen its system as per its requirements instead of reporting to others.

Responding to a question, Khar acknowledged that Pakistan was the only country that was asked to complete the two action plans. “It was quite unprecedented. In fact, we were the only country that had two simultaneous action plans to implement. It was tedious, difficult, it was difficult … there was a legal framework to take care of, there were amendments to it. And then there was the creation of new laws, structures and institutionalization of the system.”

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