ISLAMABAD, Pakistan: The Minister of State for Foreign Affairs Hina Rabbani Khar has said that Pakistan is just one step away from exiting the grey list of Financial Action Task Force (FATF) after successful completion of its Action Plans.
While addressing a news conference in Islamabad after leading Pakistan’s delegation to the FATF Plenary Meeting in Berlin, she pointed out that the FATF has duly recognized Pakistan’s tremendous progress and commitment to improve our international anti-money laundering and combatting the financing of terrorism and proliferation (AML/CFT) standards.
The minister of state said that the 2018 action plan has been closed with no pendency of action on part of Pakistan whilst the action plan of 2021 was completed a year ahead of the prescribed timelines.
As a result of this remarkable achievement, she said that the FATF has now authorized an onsite visit of its technical team to Pakistan to validate the process of implementation of reforms. It marks the beginning of the end process that will eventually culminate in the exit of Pakistan from the grey list.
Hina Rabbani Khar said that we are working closely with the FATF to arrange the on-site visit at mutually convenient dates, with a view to conclude the entire process at the earliest and before the next FATF plenary in October 2022.
The minister stressed that Pakistan’s cooperation with the FATF and the international community is grounded in our strategic objective of strengthening our economy and further improving its integration with the international financial system. She was confident that this good news from the FATF will restore confidence in our economy and improve investment climate.
The minister of state also acknowledged the tireless efforts put in by all the teams to achieve the strenuous, difficult and complicated targets. She said that this was indeed a whole of the Country response as multiple ministries, departments and agencies at all levels of the government contributed to this national cause.
Hina Rabbani Khar also conveyed her gratitude to the international partners and friends for their understanding, support and cooperation throughout the process.
The minister said that Pakistan is in a position that it will not only sustain its trajectory of reforms into the future but can also provide guidance and technical support to other countries in this area. She said that Pakistan earned this place through its consistent work. We have not only honored our commitments but over performed.
Responding to a question, the minister of state that Pakistan has always emphasized that the FATF must be apolitical and technical in its conduct.