ISLAMABAD: Dr Marcus Pleyer, the president of the Financial Action Task Force, has stated that Pakistan is on the right road and is working hard to remove itself from the grey list.
While expanding on the judgments made during the three-day plenary conference, the FATF president stated that Pakistan has already met 30 of the 34 requirements. Pakistan has achieved significant progress in four areas so far, he noted.
Pleyer ruled out the idea of Pakistan being included to the Black List in response to a query from an Indian journalist.
“Pakistan is fully committed to executing the FATF Plan and has taken actions against UN-designated terrorist organisations, which is why I completely rule out the prospect of a Black List for Pakistan,” he added.
Meanwhile, the Finance Ministry stated in a statement that Pakistan has fulfilled four of the seven items on the FATF’s 2021 Action Plan. Pakistan has fulfilled these four Action Plan elements far ahead of the FATF’s deadlines.
Progress on the remaining three action items is well underway, with the goal of completing three of them ahead of the FATF’s deadlines.
Amendments to the Mutual Legal Assistance Act of 2020, AML/CFT 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 were among the action items that were completed.
Investigation and prosecution of money laundering cases, asset confiscation, and UN designations were among the remaining action items in the 2021 Action Plan.
Pakistan provided a thorough progress report on the last remaining Action Plan item in the 2018 Action Plan.
The FATF praised Pakistan’s ongoing political commitment, which has resulted in considerable progress on a comprehensive CFT Action Plan, and encouraged Pakistan to report on additional investigation and prosecution progress.
For the time being, the plenary assembly resolved to retain the status quo with Pakistan. On the remaining components of both action plans, significant work had already been done. In February 2022, the FATF will conduct its next evaluation of Pakistan’s progress.
The FATF plenary sessions were virtually held from October 19 to 21, 2021, during which its members addressed a number of subjects, including Pakistan’s development.
Hammad Azhar, Pakistan’s Federal Minister for Energy and Chairman of the National FATF Coordination Committee, headed the Pakistani delegation.
In collaboration with the FATF and its international partners, Pakistan is completely committed to completing both action plans. The international community recognises the high-level political commitment that is driving its revised AML/CFT regime.
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