ISLAMABAD: After the Financial Action Task Force (FATF) decided to keep Pakistan on the “increased monitoring” list, Federal Minister Hammad Azhar expressed confidence that the new action plan on money laundering will be implemented within 12 months.
Addressing a press conference in Islamabad today (Friday), the Energy Minister assured that Pakistan was not in the same position as it was two years ago. “The importance of FATF has increased significantly in the current situation, and it wants better monitoring of money laundering.
The minister explained that the previous action plan that Pakistan was given was based on counter-terror financing. “Pakistan successfully implemented 26 out of the 27 points,” he said, adding that the last point will be implemented as well.
“The previous action plan was for counter-terrorism and the new one is for anti-money laundering,” said Azhar, assuring that the federal government would implement the points mentioned in the anti-money laundering plan “in the next 12 months”.
The energy minister said that “Pakistan has implemented the most difficult FATF action plan” and its efforts are being acknowledged the world over today. “There is no threat of blacklisting; Pakistan will not be blacklisted,” said the minister confidently.
FATF keeps Pakistan on grey list despite ‘significant progress’
Earlier in the day, the Financial Action Task Force (FATF) decided to keep Pakistan on its ‘grey list’, with the country’s status set to be reviewed next at an extraordinary plenary session in October 2021.
The country has to work towards complete implementations till the next FATF plenary meet that will take place from 17th to October 22. Announcing the decision, FATF President Dr Marcus Pleyer said, “Pakistan has made significant measures and it has largely addressed 26 out of 27 measures.”
The FATF said that it recognises Pakistan’s progress and efforts to address items in its country action plan that pertain to combating financing of terrorism and encouraged it to continue progress and address as soon as possible the one remaining CFT-related item.
Addressing a press conference after the plenary meeting, FATF President Dr Marcus Pleyer said, “The Pakistani government has made substantial progress in making its counter-terrorist financing systems stronger and more effective.”
He said that the one key action item still needs to be completed “which concerns the investigation and prosecution of senior leaders and commanders of UN designated terror groups”.
The FATF president highlighted that Pakistan has “made improvements” after the Asia Pacific Group highlighted issues in 2019 during its assessment of Pakistan’s entire anti-money laundering and counter terrorist financing system.
