FATF meetings' outcome shows Pak achievements on AML-CFT targets.

Lahore -- The plenary discussions of the Financial Action Task Force (FATF) sessions are reflective of a significant achievement made by the Pakistan Tehreek-i-Insaf (PTI) government, by improving compliance with the Task Force recommendations about effectiveness of combating financing terrorism and anti-money laundering (CFT-AML) systems.

Besides dwelling on financial and economic risks, the experts on war and economy admitted subsequently through their analyses that the relationship between monetary stability and peace was inevitable.

Recently, the virtual FATF plenary meeting sessions were held in Paris from February 22 to 25 to consider cases of various countries currently placed on the grey list, making productive decisions at the conclusion of the meetings.

The FATF member-countries' discussions were held to review the analytical report of the Task Force assessors on the basis of status of the compliance reports of various countries, including Pakistan. FATF President Dr Marcus Pleyer announced the concluding note in a press briefing on February 24 on the outcomes of the FATF's four-day virtual plenary meeting.

Pakistan is working towards its commitment in a transparent manner and at the highest level to

overcome the issue of illicit financing, according to the watchdog's recommendations, the FATF president noted.

Regarding the assessment of the Pakistan efforts, an FATF website statement says that the country [Pakistan] should continue to work improving on implementing the three remaining items in its action plan to address the strategically important factors. The FATF further expressed its gratitude in its note about the significant progress made on the entire action plan.

President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Naser Hayat Maggo

told reporter that the FATF announcement was a welcoming sign for development of the country. He said the announcement regarding Pakistan's action plan was commendable and it would help boost foreign investment in the country.

Pakistan made progress on all action plan items by addressing largely 24 of the 27 action items, and

work on three action plan items would soon be accomplished, as the FATF urged Pakistan to swiftly

complete full action plan before June 2021, he explained.

Pakistan has successfully avoided blacklisting by the FATF and it would be trying its level best to come

out of the grey list in upcoming June. It has made significant progress on the...