Islamabad: The Financial Action Task Force (FATF) on Friday removed Pakistan from a list of countries under “increased monitoring”, also known as the “grey list”.Addressing the press conference at the conclusion of the its plenary, President Raja Kumar noted that Pakistan had been on the grey list since 2018.
“It has two concurrent action plans. After a lot of work by Pakistan authorities, they have largely addressed all of the action plan items,” he said.
He stated that the task force had conducted an onsite visit at the end of August. The onsite team verified that there is a high-level of commitment from the Pakistani leadership, sustainability of reforms and commitment to make improvements in the future, he said.
“As a result of these action plans, Pakistan has made significant improvements to strengthen the effectiveness of this framework for combatting terrorism financing.”
Foreign Minister Bilawal Bhutto-Zardari was quick to congratulate the country on the development moments before the FATF press conference began, according to Dawn reports.
Prime Minister Shehbaz Sharif said Pakistan’s exiting the FATF grey list is a “vindication of our determined and sustained efforts over the years”, according to reports.
He congratulated the civil and military leadership as well as all institutions whose hard work led to today’s success. “Aap sab ko bohat bohat Mubarak,” the premier said, following up with a text smiley.
In a follow-up tweet, PM Shehbaz particularly commended the role and efforts of Foreign Minister Bilawal Bhutto, Army Chief General Qamar Javed Bajwa and their teams and all political parties for putting up a united front to get Pakistan out of the grey list.
Pakistan was included among jurisdictions under increased monitoring list in June 2018 for deficiencies in its legal, financial, regulatory, investigations, prosecution, judicial and non-government sector to fight money laundering and combat terror financing considered serious threat to global financial system.
Islamabad made high-level political commitments to address these deficiencies under a 27-point action plan. But later the number of action points was enhanced to 34.
The country had since been vigorously working with FATF and its affiliates to strengthen its legal and financial systems against money laundering and terror financing to meet international standards in line with 40-recommendations of the FATF.
A 15-member joint delegation of the FATF and its Sydney-based regional affiliate — Asia Pacific Group — paid an onsite visit to Pakistan from Aug 29 to Sept 2 to verify the country’s compliance with the 34-point action plan committed with the FATF.
The authorities that had kept the countrywide visit of the delegation low profile later termed it “a smooth and successful visit”.(UNI)
