Pakistan one step away to come off FATF grey list: Hina Rabbani

ISLAMABAD: Minister of State for Foreign Affairs Hina Rabbani Khar on Saturday said that Pakistan is now one step away from exiting the Financial Action Task Force’s (FATF) grey list, ARY News reported.

Addressing a press conference here in Islamabad, Khar hoped that Pakistan will be removed from the grey list by October 2021, after the planned on-site visit of a team of the task force.

“The planned on-site visit of FATF team is a procedural requirement,” she said and commended all the state institutions for completing the Financial Action Task Force’s (FATF) action plan.

“The final phase of removing Pakistan from the grey list has begun,” she said, adding that Pakistan has completed the entire seven-point action plan a year ahead of the given timelines.

Hina Rabbani Khar further said that she held a meeting with delegations of different countries on the sideline of FATF session, adding that the removal from grey list will boost the country’s economy. “The good news from FATF will restore confidence in our economy, will give it a much-needed boost and would improve the investment climate.”

She said that Pakistan’s positive and speedy progress, which paved the way for its exit from the grey list, was greatly appreciated and welcomed by the FATF members.

The state minister also acknowledged the tireless efforts put in by all the teams to achieve the strenuous, difficult and complicated targets.

“If I will give credit to anyone, it will be my team, and by that, I mean Pakistan’s team. I will give credit to every member of the team who are visible and in the background,” she said.

Replying to another question, Khar said: “Never again will we want to be part of any list. We never want to slip into this again. This is the biggest lesson.”

FATF statement

In a statement, the Financial Action Task Force (FATF) has acknowledged that Pakistan has “substantially completed its two action plans”, saying that the watchdog will now schedule an on-site visit to verify the implementation of the measures.

However, Pakistan has not been formally removed from the FATF’s grey list. In a statement, the watchdog acknowledged that Pakistan has completed both its action plans, covering 34 items and said this showed the necessary political commitment was in place to sustain implementation and improvement in the future.

Congrats Pak! FATF declares both Action Plans complete. Intl community has unanimously ack our efforts. Our success is the result of 4 yrs of challenging journey. Pak reaffirms resolve to continue the momentum and give our economy a boost. Well done Pak Team FATF. Pak Zindabad!

— Hina R Khar (@HinaRKhar) June 17, 2022

“The FATF will continue to monitor the Covid-19 situation and conduct an on-site visit at the earliest possible date to verify the implementation and sustainability of the country’s money laundering and counter-terrorism financing measures,” it added.

PM congratulates nation

PM Shehbaz Sharif felicitated the nation and welcomed the announcement of the Financial Action Task Force (FATF) that Pakistan had met all its conditions for exclusion from the grey list.

In a statement, he said, “Praise be to Allah, return of Pakistan to the white list is a big success of Pakistan.”

He congratulated the government institutions, personalities and relevant team and said their joint efforts brought fruit, the state news agency reported Friday.

“I pay tribute to the whole team working for the success of Pakistan,” he said adding the statement of FATF was a recognition of the restoration of the international reputation of Pakistan.

It is pertinent to mention here that Pakistan has been on the grey list for deficiencies in its counter-terror financing and anti-money laundering regimes since June 2018.