Pakistan has acted upon FATF’s assigned targets: Asad Umar

ISLAMABAD: Former Finance Minister Asad Umar said that Pakistan has acted upon targets assigned by Financial Action Task Force (FATF).

While chairing the meeting of the National Assembly Standing Committee for Finance, Asad Umar said that FATF’s evaluation of Pakistan was affected by political elements.

He said some lobbies might push Pakistan to the FATF’s blacklist.

Also read: FATF shouldn’t be politicized over blacklisting Pakistan: China

Asad said, “Pakistan is in the grey list for now but it is feared that it might be added in blacklist while even Afghanistan is not in blacklist.”

Asad Umar further stated that FATF wanted Pakistan to provide details of how many people have been arrested and how many people have been declared culprits.

He added, “Cooperation between Law Enforcement Agencies (LEAs) and regulatory bodies has improved.” 

Federal Minister for Economic Affairs Hammad Azhar on the occasion apprised NA standing committee of progress made by Pakistan on targets set by FATF.

Also read: FATF removes Sri Lanka from Grey List

Pakistan was placed on the grey list in June 2018 and was given fifteen months to implement an intense monitoring process but missed the third deadline. Pakistan has remained on the grey list before as well from 2012-15.

Failure to meet the final deadline next February will place Pakistan on the blacklist having serious consequences on its economy.