FATF Clears Pakistan To Get Off Grey List.

ISLAMABAD -- Financial Action Task Force (FATF) declared yesterday that Pakistan has completed its two concurrent action plans with a total of 34 items, which would pave way for Islamabad to remove from its grey list after onsite inspection to gauge the performance of the country.

'At its June 2022 Plenary, the FATF made the initial determination that Pakistan has substantially completed its two action plans, covering 34 items', said FATF in a statement received here from Berlin. 'And warrants an on-site visit to verify that the implementation of Pakistan's AML/CFT reforms has begun and is being sustained, and that the necessary political commitment remains 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. Since June 2018, according to FATF, Pakistan made a high-level political commitment to work with the FATF and APG to strengthen its AML/CFT regime and to address its strategic counter-terrorist financing-related deficiencies, Pakistan's continued political commitment to combating both terrorist financing and money laundering has led to significant progress. In particular, Pakistan demonstrated that TF 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 ML investigations and prosecutions being pursued in Pakistan, in line with Pakistan's risk profile. In addition, Pakistan also largely addressed its 2021 action plan ahead of the set times.

According to officials, Pakistan will submit its progress report in the first week of July to the FATF. Then, the FATF team will then make on-site visits to Pakistan in and hold meetings with relevant government departments. The on-site inspection team will submit its report to the FATF and on the basis of on-site team report, the FATF will announce the decision of keeping or removing Pakistan from the grey list in the next plenary, likely in October this year.

FATF President Dr Marcus Pleyer, addressing a press conference after the plenary meeting in Berlin, Germany, noted that Pakistani authorities have done a lot of work. 'I'm glad to say that they have now largely addressed all 34 action items from their combined two action plans. Pakistan is not being removed from grey list today. The country will be removed from the list if it successfully passes the on-site...