AIRLINK 60.70 Decreased By ▼ -0.27 (-0.44%)
BOP 6.30 Increased By ▲ 0.01 (0.16%)
CNERGY 4.39 Increased By ▲ 0.06 (1.39%)
DFML 16.19 Increased By ▲ 0.33 (2.08%)
DGKC 70.20 Increased By ▲ 0.90 (1.3%)
FCCL 18.02 Decreased By ▼ -0.18 (-0.99%)
FFBL 26.50 Increased By ▲ 0.25 (0.95%)
FFL 9.25 Increased By ▲ 0.02 (0.22%)
GGL 10.30 Increased By ▲ 0.05 (0.49%)
HBL 115.00 Decreased By ▼ -2.00 (-1.71%)
HUBC 115.55 Increased By ▲ 1.07 (0.93%)
HUMNL 7.08 Increased By ▲ 0.15 (2.16%)
KEL 5.00 Increased By ▲ 0.11 (2.25%)
KOSM 5.45 Increased By ▲ 0.12 (2.25%)
MLCF 38.83 Increased By ▲ 0.33 (0.86%)
OGDC 125.61 Increased By ▲ 1.64 (1.32%)
PAEL 21.90 Increased By ▲ 0.05 (0.23%)
PIAA 12.80 Increased By ▲ 1.00 (8.47%)
PIBTL 6.22 Increased By ▲ 0.12 (1.97%)
PPL 116.50 Increased By ▲ 2.75 (2.42%)
PRL 28.36 Increased By ▲ 0.06 (0.21%)
PTC 12.25 Increased By ▲ 0.80 (6.99%)
SEARL 52.25 Decreased By ▼ -0.05 (-0.1%)
SNGP 67.70 No Change ▼ 0.00 (0%)
SSGC 11.44 Increased By ▲ 0.11 (0.97%)
TELE 8.23 Increased By ▲ 0.38 (4.84%)
TPLP 11.62 Increased By ▲ 0.04 (0.35%)
TRG 72.00 Increased By ▲ 0.19 (0.26%)
UNITY 24.05 Increased By ▲ 0.95 (4.11%)
WTL 1.35 Increased By ▲ 0.06 (4.65%)
BR100 6,785 Increased By 68.6 (1.02%)
BR30 22,883 Increased By 366.1 (1.63%)
KSE100 65,847 Increased By 520.9 (0.8%)
KSE30 22,363 Increased By 217.3 (0.98%)

ISLAMABAD: Describing the recent onsite visit of the Financial Action Task Force (FATF) technical team as “smooth and successful”, Foreign Office on Wednesday said that Pakistan is looking forward to a logical conclusion to the ongoing evaluation process in the International Cooperation Review Group (ICRG) and plenary meetings, scheduled to be held in the third week of October in Paris.

Responding to media queries about news stories that recently appeared in domestic media about Pakistan’s current engagement with FATF and progress in the AML/CFT [anti-money laundering and combating the financing of terrorism] domain, Foreign Office spokesperson Asim Iftikhar said that pursuant to the authorization of onsite visit by FATF Plenary in June 2022, a FATF technical team recently visited Pakistan and held detailed discussions with relevant agencies.

“From our perspective, it was a smooth and successful visit,” he said, adding that the focus of the visit was to validate on ground Pakistan’s high-level commitment and sustainability of reforms in our AML/CFT regime. The meetings with the FATF team were held in a constructive and positive atmosphere.

He said that the report of the FATF onsite team will be discussed in FATF’s ICRG and plenary meetings, scheduled to be held in the third week of October 2022 in Paris. “Pakistan is looking forward to [a] logical conclusion to the ongoing evaluation process,” he added.

As regards the status of Pakistan’s progress, he stated that FATF’s latest evaluation of Pakistan supersedes its findings in previous years. As a result of Pakistan’s strenuous and consistent efforts over the last four years, he added that Pakistan has not only achieved a high degree of technical compliance with FATF standards it has also ensured a high level of effectiveness through the implementation of two comprehensive FATF action plans, and it is committed to continuing its efforts in this regard.

With regard to technical compliance with FATF standards, the spokesperson said that Pakistan has now been rated as Compliant / Largely Compliant in 38 out of 40 FATF recommendations, which places the country among the top compliant countries in the world.

“Completion of both Action Plans by Pakistan in June 2022 is, in fact, an acknowledgement by FATF of attaining a high level of effectiveness on FATF standards,” he stated.

Over last four years, he added that Pakistan’s effectiveness in AML/CFT regime has increased across all immediate outcomes, which has significantly mitigated risks and threats of money laundering and financing of terrorism.

The FATF’s 15-member delegation, comprising its counterterrorism experts visited Pakistan from August 29 to September 5, 2022 and held meetings with the country’s leadership, besides getting briefings from relevant authorities on Pakistan’s implemented reforms, particularly the critical measures undertaken with regard to AML/CFT.

The FATF technical team was comprised of counterterrorism and money-laundering experts from the member countries with exception of India, which had been lobbying for a long to push Pakistan into the watchdog’s backlist by leveraging its political and economic standing among the member countries.

Pakistan was added to the FATF’s grey list in June 2018 for deficiencies in its system to curb money laundering and terror financing.

Copyright Business Recorder, 2022

Comments

Comments are closed.