FATF ‘Clears’ Pakistan, Country Moves Closer To Removal From Grey List

FATF ‘Clears’ Pakistan, Country Moves Closer To Removal From Grey List
Pakistan has moved closer to its removal from the Financial Action Task Force (FATF)’s grey list after the watchdog ‘cleared’ the country and acknowledged that it has met all 34 requirements.

In a video message today, Minister of State for Foreign Affairs Hina Rabbani Khar said that the FATF has unanimously “cleared” Pakistan and acknowledged that the country’s performance in connection with the watchdog's action plans is up to the mark.

“At its June 2022 Plenary, the FATF made the initial determination that Pakistan has substantially completed its two action plans, covering 34 items,” the FATF said in a statement.

"Pakistan demonstrated that terror financing investigations and prosecutions target senior leaders and commanders of UN-designated terrorist groups and that there is a positive upwards trend in the number of money laundering investigations and prosecutions being pursued in Pakistan, in line with Pakistan's risk profile," it added.

The FATF, however, will continue to monitor the Covid-19 situation in Pakistan.

The watchdog will now schedule an on-site visit at the earliest possible date to verify the implementation and sustainability of Pakistan's money laundering and counter-terrorism financing measures before removing it from its grey list.

According to the Pakistani authorities, the country will submit its progress report in the first week of July to the FATF and the watchdog will then send a team to Pakistan in the last week of July for on-site visits and holding meetings with relevant government departments.

The FATF will examine the report of its on-site team and announce the decision of keeping or removing Pakistan from the grey list in the next plenary.

Meanwhile, Pakistan Tehreek-e-Insaf (PTI) leaders claimed credit for the development.

Former finance minister Shaukat Tarin said the "removal" is another feather in the cap of former energy minister Hammad Azhar.

Former human rights minister Shireen Mazari termed the development another success of the PTI-led government.