Pakistan implements 31 recommendations of FATF

ISLAMABAD: Federal Minister for Energy Hammad Azhar on Friday said that Pakistan has successfully complied with 31 out of 40 points of action recommended by the Financial Action Task Force (FATF), ARY NEWS reported.

Taking to Twitter to make the announcement, the minister who previously headed efforts to avoid Pakistan’s inclusion in the blacklist, said that Pakistan has achieved a compliant rating in 31 out of 40 recommendations of the anti-money laundering watchdog.

This outcome is a result of major legal reforms (14 federal + 3 provincial laws with corresponding regulations). It is also due to the untiring efforts of the entire FATF team (20 ministries plus organisations).

— Hammad Azhar (@Hammad_Azhar) June 4, 2021

“This is the parallel scrutiny being undertaken at FATF besides our current action plan,” he said adding that upgrade of 20 criteria in less than two years is unprecedented in FATF history for any country.

He gave credit on the FATF compliance to the legal reforms including the adoption of 17 federal and provincial laws.

“This outcome is a result of major legal reforms (14 federal + 3 provincial laws with corresponding regulations). It is also due to the untiring efforts of the entire FATF team (20 ministries plus organizations),” Hammad Azhar said in another message on the micro-blogging site.

A review on removing Pakistan from the FATF’s grey list is expected in the mid of 2021 as Pakistan successfully evaded attempts from India to add Pakistan to the blacklist of the FATF in October 2020.

Federal Minister of Industries and Production Hammad Azhar at that time took to Twitter in the wake of FATF conclusion and asserted Pakistan has achieved “impressive progress on its action plan”, and said that the watchdog acknowledges. “any blacklisting is off the table now”.