Financial sector reforms will bolster economy: Bilawal.

ISLAMABAD -- Foreign Minister Bilawal Bhutto-Zardari on Sunday welcomed the Financial Action Task Force's (FATF) unanimous acknowledgment of its completion of action plans by Pakistan and reaffirmed that the coalition government was committed to continuing this positive trajectory of reforming Pakistan's financial sector as part of its larger strategic objective of strengthening the economy.

The FATF is an intergovernmental organisation founded in 1989 on the initiative of the G7 to develop policies to combat money laundering. In 2001, its mandate was expanded to include terrorism financing.

'The announcement by the FATF plenary of granting an on-site visit to Pakistan is a welcome development,' the foreign minister said in a statement issued by the Foreign Office.

'It also reflected the remarkable progress made by Pakistan to enhance the effectiveness of its anti-money laundering/combating the financing of terrorism (AML/CFT) regime,' Mr Bhutto-Zardari said.

FM welcomes FATF acknowledgement

The minister's remarks came after the FATF acknowledged on Friday that Pakistan had met all 34 items on two separate action plans.

The FATF's next step is its team's visit to the country to verify the implementation and sustainability of the country's money laundering and counter-terrorism financing measures before removing it from its monitoring list, known as the grey list.

'I am certain that this good news from FATF will restore confidence in Pakistan's economy and act as a catalyst for sustained growth and development. Let me reiterate the government of Pakistan's high-level commitment to...

To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT