FATF to Remove Pakistan From Grey List After On-Site Visit as Country Completes Action Plans

The Financial Action Task Force (FATF) has acknowledged that Pakistan has “substantially completed its two action plans,” saying that the international watchdog will now schedule an on-site visit to verify the implementation of the measures before removing Pakistan from the FATF Grey List.

In a statement, the FATF acknowledged that Pakistan has completed both its action plans, which covered 34 items and said this showed the necessary political commitment was in place to sustain implementation and improvement in the future. “The FATF will continue to monitor the COVID-19 situation and conduct an on-site visit at the earliest possible date to verify the implementation and sustainability of the country’s money laundering and counter-terrorism financing measures,” it added.

Furthermore, the FATF also acknowledged Pakistan’s political commitment to combating both terrorist financing and money laundering, which it said had led to significant progress. “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,” the watchdog added.

The financial watchdog also noted that Pakistan has also largely addressed its 2021 action plan ahead of the set times and FATF President Dr Marcus Pleyer noted that Pakistani authorities have done a lot of work. “Pakistan has now largely addressed all 34 action items from their combined two action plans.” he said, adding that Pakistan will be removed from FATF Grey List after it passes the on-site visit.

Minister of State for Foreign Affairs Hina Rabbani Khar, who was leading Pakistan’s delegation at the plenary session in Berlin, congratulated Pakistan, saying that the international community had “unanimously” acknowledged the country’s efforts.

“Our success is the result of four years of a challenging journey. Pakistan reaffirms resolve to continue the momentum and give our economy a boost,” said the Minister in her Tweet.

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