Tuesday, November 29, 2022

‘Pakistan’s legal effort hailed as role model during FATF plenary meeting’

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ISLAMABAD: Federal Minister for Industries and Production Hammad Azhar said on Sunday that Pakistan is undergoing two action plans at the Financial Action Task Force (FATF), ARY News reported.

Hammad Azhar took to Twitter and said that Pakistan is undergoing two action plans at FATF. He added, “One being the most challenging and comprehensive ever given to any country.”

The federal minister said that the laws passed through the parliament focus on both October evaluation and upcoming evaluation planned mid next year, whereas, the legislations reflect clearance of the backlog of the last 10 years.

Read: FATF: Pakistan defeats Indian malice, escapes blacklist as watchdog acknowledges progress

He detailed that Pakistan’s legal effort hailed as a role model for other countries to follow during the plenary meeting of FATF. Azhar said that interplay of two evaluations and requirements of laws was discussed in detail during parliamentary committee meetings.

Azhar said that the federal government is now focusing on the implementation of the laws for the effectiveness of the evaluation planned ahead.

With Indian exposed malice failing to have Pakistan rendered blacklisted earlier on Friday, the Financial Action Task Force (FATF) had kept the country on the grey list appreciating the reforms it carried out.

Read: Pakistan made progress on 27 points of FATF action plan: Finance Ministry

The FATF committee had acknowledged Pakistani efforts in curbing all the erstwhile concerns flagged by the global terror-financing watchdog and has extended Pakistan a period until February 2021 to satisfy all of 27 concerns.

According to the Finance Ministry, Pakistan had made progress on all 27 points of action plan recommended by the Financial Action Task Force to exit from the grey list.

It further read that the member states lauded the progress made by the country on the action plan as Pakistan took comprehensive action against hawala and hundi setup, currency smuggling, and financing of the terrorists.

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