Pakistan's cooperation with FATF, int'l community grounded in its strategic objective of strengthening economy: MoS.

ISLAMABAD -- Minister of State for Foreign Affairs Hina Rabbani Khar on Saturday reiterated that Pakistan's cooperation with the Financial Action Task Force (FATF) and the international community was grounded in its strategic objective of strengthening its economy and further integration with the global financial system.

Addressing a press conference here at the Ministry of Foreign Affairs (MoFA), she said that the 'good news from FATF will restore confidence in our economy, will give it a much needed boost and would improve the investment climate.'

She said that Pakistan's positive and speedy progress which paved the way for its exit from the grey list was greatly appreciated and welcomed by the FATF members.

Sharing details of the FATF plenary session in Berlin, Germany where she headed Pakistan's delegation, the minister said during the meeting, the recommendations of the FATF's International Cooperation Review Group (ICRG) on Pakistan's 2018 and 2021 Action Plans were discussed.

The FATF had acknowledged by consensus that all action items had been largely addressed by Pakistan and the action plan was closed with no pendency on part of Pakistan, she added.

She said on 2021 Action Plan related to money laundering issues, Pakistan had completed the entire seven-point action plan a year ahead of the prescribed timelines.

'This swift pace and progress is indicative of the comprehensive reforms and action that have been carried out by Pakistan in the AML/CFT domain and sustained momentum of our efforts,' she maintained.

Hina Khar further said that FATF had now formally acknowledged the completion of both actions plans by Pakistan containing 34 points and duly recognized the tremendous progress and commitment to improve its systems.

The FATF after discussions, decided by consensus that Pakistan had completed all the requirements of the both action plans and thus authorized an on-site visit of the technical team to Pakistan to validate the process of implementation of reforms.

She explained that it was a technical requirement for those countries that were removed from the grey list. The on-site visit would evaluate the arrangements, legislation, coordination among the different bodies and their offices etc, she added.

'It marks the beginning of the end-process that will eventually culminate in the exit of Pakistan from FATF's grey list,' she said, elaborating that...