US urges Pakistan to ‘fully satisfy’ its FATF commitments

• United States has seen ‘obvious progress’ in their relations with Pakistan, says Alice Wells.
• US looking forward to welcoming 10 Pakistani buyer delegations to the U.S. and five regional trade shows in 2020.

The United States has urged Pakistan to ‘fully satisfy’ its commitments with the Financial Action Task Force against money laundering and terror financing, as the plan completion is vital for Pakistan economy.

“We strongly encourage Pakistan to work with FATF and the international community to fully satisfy its action plan commitments. Completion of the FATF action plan is critical to Pakistan’s economic reform efforts, including its IMF program, as well as for demonstrating sustained and irreversible action against all militant groups based in Pakistan without distinction,” said Acting Assistant Secretary of State for South and Central Asia Alice Wells, at a special briefing in Washington.

She said that US has seen ‘obvious progress’ in their relations with Pakistan, from the high-level engagement such as the President’s warm and constructive meeting with Prime Minister Khan at Davos to the restoration of the International Military Education and Training programs.

“There are obvious synergies in energy and agriculture, and opening Pakistan’s markets to American investments creates jobs and wealth without sacrificing standards or fueling corruption.

“We’re looking forward to welcoming 10 Pakistani buyer delegations to the U.S. and five regional trade shows in 2020, which will build deeper relationships between U.S. and Pakistani firms. Prime Minister Khan’s economic reform efforts contributed to the World Bank identifying it as one of the top 10 reformers globally in 2019,” she said.

To a query regarding if IMF’s funding could getting affected if Pakistan does not meet the FATF regulations or the rules, the ambassador said that the development would be devastating for Pakistan’s economic reform program and for its ability to attract investors.

“We’ve been pleased to see progress by Pakistan towards fulfilling FATF obligations.... But the more evidence of Pakistan’s seriousness in both documenting its economy and in shrinking the space for militants to be able to take advantage of Pakistan’s either banking system or territory, the more confidence that the international community and business community will have in working with Pakistan,” she said.