Though the Financial Action Task Force (FATF) has recognised Pakistan’s continuing commitment to a sustainable and robust anti money laundering and combating the financing of terrorism frameworks, however it still kept it in the grey list just because of lack of complete compliance with two points.
As regards 2018 Action Plan, Pakistan has already completed 26 of the 27 Action Plan items against terrorist financing, while there was recognition by the FATF that Pakistan has made significant progress towards addressing the last remaining action item.
The FATF encouraged Pakistan to continue to make progress to address as soon as possible the remaining one item.
The FATF said it wanted Pakistan to make progress in the one remaining item by continuing to demonstrate that terrorist financing investigations and prosecutions targeted senior leaders and commanders of UN designated terrorist groups.
Read more: US acknowledges Pakistan’s efforts to meet FATF demands in latest report
The FATF admitted that since June 2021, Pakistan had taken swift steps towards improving its anti-money laundering regime and completed 6 of the 7 action items, in just two plenary cycles, including by demonstrating that it was enhancing the impact of sanctions by nominating individuals and entities for UN designation and restraining and confiscating proceeds of crime in line with Pakistan’s risk profile.
The FATF plenary meetings was held in hybrid format. Pakistan presented its case in an effetive manner and also reaffirmed its political commitment to continue with the efforts to complete the action plans. Pakistani delegation was led by Minister for Energy Hammad Azhar.
A statement issued by the Finance Ministry reiterated Pakistan’s commitment to take all necessary measures to ensure completion of remaining two Action Plan Items during the upcoming FATF plenary cycle to become eligible for exiting from the grey list.
Meanwhile in his tweets, Minister for Energy Hammad Azhar said despite challenges, Pakistan completion of FATF’s technical parameters shall be acknowledged soon.
The minister expressed Pakistan’s unwavering commitment against money laundering and terror financing. He said the country has waged a war on these activities not just for global compliance but first and foremost for its own sake.
Pakistan's completion of FATF technical parameters shall be acknowledged soon, despite challenges.
Our fight against ML & TF continues with an unwavering national resolve. We wage war on these activities not just for global compliances but first & foremost for our own sake.
— Hammad Azhar (@Hammad_Azhar) March 4, 2022
