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Business & Finance

FATF Plenary: Pakistan’s legal efforts hailed as ‘role model’ for others, says Azhar

  • The Paris-based money laundering and terror financing watchdog, while noting Pakistan had fulfilled 21 of the 27 conditions required, gave the country until Feb 2021 to complete the remaining conditions while retaining Pakistan on its grey list.
Updated 27 Oct 2020

The Federal Minister for Industries and Production Hammad Azhar said that the Financial Action Task Force's (FATF) hailed Pakistan legal effort as a 'role model' for other countries to follow during its recently concluded plenary.

Taking to Twitter, the minister who led the Pakistani delegation to the virtual plenary said that the interplay of two evaluations and requirements of laws was discussed in detail during parliamentary committee meetings and the government is now focusing on the implementation of these laws for effectiveness evaluation planned ahead.

The Paris-based money laundering and terror financing watchdog, while noting Pakistan had fulfilled 21 of the 27 conditions required, gave the country until Feb 2021 to complete the remaining conditions while retaining Pakistan on its grey list.

FATF president Marcus Pleyer while addressing a press conference via video-link has said on Friday once Pakistan completes all 27 action points, the agency officials will visit to witness the ground situation.

Azhar said that Pakistan is undergoing two action plans at FATF. “One being the most challenging & comprehensive ever given to any country,” he said.

The minister said that the laws passed through parliament focus on both October evaluation and upcoming evaluation planned mid next year. “These laws reflect clearance of back log of last 10 years,” he added.

Earlier, the industries minister, said "Blacklisting Pakistan was now off the table." He observed some circles were propagating "false and baseless information about abstention or negative voting in the meeting".

Clearing the air, the minister said no voting criterion was applied for the decision.