Being on FATF's blacklist no longer a possibility, Hammad Azhar assures nation.

A day after the Financial Action Task Force (FATF) announced that it will keep Pakistan on its grey list for another four months, Minister for Industries Hammad Azhar said being blacklisted is no longer a possibility.

Speaking at a press conference in Islamabad, he said that Pakistan achieved its targets even though the timelines and the FATF's action plan were a challenge.

"At the previous plenary, FATF countries and the FATF secretariat said that blacklisting was not an option because the country has achieved significant progress," said Azhar, who is the chairman of the FATF Coordination Committee.

Our second target was to complete the 27-point action plan and to send the message to the world that Pakistan's financial systems and terrorism financing networks have gone beyond international standards, he said. "As you have seen, today the FATF itself is saying that we are 90 per cent close to achieving this goal."

When the coronavirus pandemic hit, Pakistan had the option to not do the reports, an option that was exercised by some countries, according to Azhar. "But we took advantage of that time and continued with the reporting. The result of that is in front of you."

He maintained that the remaining three points on the FATF's action plan will be completed soon. "A lot of work has been done on the three points in which we are partially complaint. In my eyes, we are close to being largely compliant in these areas."

He added that the credit for the entire effort was due to a "whole of government approach" under which different departments worked. "Pakistan achieved exemplary progress despite a very tough action plan, tight timelines, and the Covid-19 pandemic."

The minister added that Pakistan is perhaps the only country in the world that is under the FATF's dual scrutiny. "It was decided that Pakistan will remain under dual scrutiny because the MER [Mutual Evaluation Report] process is also ongoing simultaneously.

So, in parallel our government and departments have also been working day and night on the completion of this process.

He ended his media briefing by once again assuring the nation that Pakistan has avoided the FATF's blacklist and has set the target of completing the 27-point action plan by June.

Pakistan to stay on grey list till June

Pakistan will continue to stay on the FATF's grey list for another four months, until June for three out of 27 unmet action plan targets on anti-money laundering and combating financing terror...

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