FATF grey-list: Pakistan says committed to completing remaining action plan items

The Finance Ministry in a statement reiterated Pakistan's commitment to take all necessary measures to ensure completion of the remaining two action plan items during the upcoming Financial Action Task Force (FATF) plenary cycle to become eligible for exiting the grey-list.

The statement comes after the FATF, at the conclusion of its 4-day plenary on Friday, announced that Pakistan will continue to stay in FATF’s increased monitoring list, also known as the grey-list.

In a statement on Friday night, FATF said, "Since June 2018, when Pakistan made a high-level political commitment to work with the FATF and APG to strengthen its AML/CFT regime and to address its strategic counter-terrorist financing-related deficiencies, Pakistan’s continued political commitment has led to significant progress across a comprehensive CFT action plan.”

It further added the FATF encourages Pakistan to continue to make progress to address as soon as possible, the one remaining item by continuing to demonstrate that TF investigations and prosecutions target senior leaders and commanders of UN-designated terrorist groups.

Pakistan stays on FATF's 'grey-list', UAE added

In response, the Finance Ministry stated that Pakistan presented its case in an effective manner and also reaffirmed its political commitment to continue with the efforts to complete the Action Plans.

It stated that with regard to the 2021 Action Plan, Pakistan has made swift progress.

“In just two plenary cycles, Pakistan has completed 6 of the 7 action items. During the current plenary cycle, Pakistan has completed two more action plan items. The action items that have been completed during February 2022 Plenary cycle, include UN designations and restraining & confiscating proceeds of crime in line with Pakistan’s risk profile.

“The remaining one action item includes investigations and prosecutions of money laundering cases in line with Pakistan’s risk profile, on which major work has already been completed and acknowledged by the FATF.

“Pakistan is making endeavors to complete the last two remaining items of both the action plans, as early as possible,” added the ministry.

All FATF technical requirements met: FO

Meanwhile, Minister for Energy Hammad Azhar, who led Pakistan’s delegation at the FATF plenary, tweeted that, despite challenges, Pakistan's completion of FATF's technical parameters shall be acknowledged soon.

“Our fight against ML & TF continues with unwavering national resolve. We wage war on these activities not just for global compliances but first and foremost for our own sake,” he said.

Pakistan was placed on FATF's grey-list for deficiencies in its counter-terror financing and anti-money laundering regimes in June 2018.