ISLAMABAD: After the Financial Action Task Force (FATF) retained Pakistan on its grey list, Federal Minister Hammad Azhar said that the country is getting closer to the consensus number in spite of challenges.
“For the money laundering action plan: Within one cycle, four out of seven items addressed. A progress unprecedented in FATF history. For the terror financing action plan: 26 out of 27 items already complete. Majority of the countries believe that we have completed the action plan,” the minister said in a statement on Twitter.
He said that now only “some countries” did not agree with the majority on the progress made by Pakistan on the terror financing action plan. “We are getting closer to consensus numbers in spite of ‘challenges’. Our technical stance will be vindicated soon,” he concluded.
FATF update: Good News on both our Action Plans.
For ML Action Plan: Within 1 cycle, 4 out of 7 items addressed. A progress unprecedented in FATF history.
For TF Action Plan: 26/27 items already complete. Majority of countries believe that we have completed the Action Plan. 1/2
— Hammad Azhar (@Hammad_Azhar) October 21, 2021
Considerable progress
In a statement, the Finance Division said that the FATF had recognised the “considerable progress” made by Pakistan on both the action plans. It said that Pakistan had completed four of the seven items on the 2021 action plan, adding that these were completed “much before” the timelines prescribed by the FATF.
The statement said that progress on the remaining three items was “well underway” and the aim was to complete them ahead of the timelines set by the financial watchdog.
“The action items that have been completed include amendments in the Mutual Legal Assistance Act, 2020, AML/CFT [anti-money laundering/combating the financing of terrorism] supervision of designated non-financial businesses and professions (DNFBPs), transparency of beneficial ownership information and implementation of targeted financial sanctions for proliferation finance by DNFBPs,” the statement said.
The remaining items in the 2021 action plan include investigation and prosecution of money laundering cases, confiscation of assets and UN listings, it added. Regarding the single item remaining on the 2018 action plan, the Finance Division said that Pakistan had submitted a comprehensive progress report in this regard.
“The FATF acknowledged Pakistan’s continued political commitment, which led to significant progress across a comprehensive CFT action plan and encouraged Pakistan to report further progress on investigation and prosecution,” the statement said.
The Finance Division noted that “considerable work” has been carried out on the remaining items of both action plans, adding that the FATF will review Pakistan’s progress in February 2022.
Pakistan to remain on grey list
The Financial Action Task Force (FATF) on Thursday has reviewed Pakistan’s progress on FATF Action Plans in its plenary meeting held on October 21. The FATF recognised considerable progress made by Pakistan on both the Action Plans.
With regard to the 2021 Action Plan, Pakistan has completed four of the seven Action Plan Items, said a press release issued by Ministry of Finance here Thursday.
Pakistan has completed these four Action Plan items much before the timelines prescribed by FATF while progress on remaining three action items is well underway and it is aimed to complete three action items ahead of timelines set by the FATF.
The FATF acknowledged Pakistan’s continued political commitment, which led to significant progress across a comprehensive CFT Action Plan and encouraged Pakistan to report further progress on investigation and prosecution.
The plenary meeting decided to maintain status quo with respect to Pakistan, for the time being. FATF will undertake next review of Pakistan’s Progress in February 2022. The FATF Plenary meetings were held virtually from 19-21 October 2021, where its members discussed a variety of topics including Pakistan’s progress.
The Pakistan delegation was led by Federal Minister for Energy and Chairman National FATF Coordination Committee Hammad Azhar. He said Pakistan is fully committed to completing its both Action Plans in cooperation with FATF and its international partners.
