FATF Onsite Visit Is Just A Formality: Khar.

ISLAMABAD -- Minister of State for Foreign Affairs Hina Rabbani Khar, who led Pakistan delegation at the Financial Action Task Force (FATF) meeting in German capital Berlin, has said that Pakistan is now only a step away from getting off the grey list of the global anti-money laundering watchdog and made it clear that a planned visit by FATF technical team to Pakistan in near future is mere a technical and procedural formality.

Addressing a press conference at the Foreign Office here yesterday, Hina Rabbani Khar said that FATF has acknowledged completion of both Action Plans by Pakistan, duly recognized our tremendous progress and commitment to improve our AML/CFT systems.

'Consequent to the fruitful discussions held in the Plenary, the FATF decided, by consensus, that Pakistan has addressed all technical benchmarks and has completed all requirements of the both Action Plans as a result of this remarkable achievement, FATF has now authorized an on-site visit of its technical team to Pakistan to validate whether the process of implementation of reforms', Hina Rabbani said.

She said that the successful completion of the FATF Action Plans and its formal endorsement by FATF means that Pakistan is now a step away from exiting from the grey list.

'The on-site visit is a procedural requirement. It marks the beginning of the end-process that will eventually culminate in the exit of Pakistan from FATF's grey list,' the minister said.

Giving a background, she said in the 2018 Action Plan, this was considered in our eleventh report to FATF.

'FATF has now acknowledged by consensus that all action items have been largely addressed by Pakistan. The 2018 Action Plan has been closed with no pendency of action on the part of Pakistan', she made it clear.

About, the 2021 Action Plan, which was mostly related to money laundering issues, she said Pakistan submitted three progress reports.

'I am very pleased to announce that Pakistan has completed the entire seven-point Action Plan a year ahead of the prescribed timelines', the minister of state for foreign affairs said.

Pakistan's exiting from grey list

| Minister of state says FATF has endorsed Pakistan largely completed all 34 points | Gives credit to all political parties, present and previous govts for this achievement | Foresees improved climate for foreign investments

She said this swift pace and progress is indicative of the comprehensive reforms and actions that have been carried out by Pakistan in the...