FATF urges Pakistan to complete action plan by Feb 2021
The Financial Action Task Force (FATF) has found that Pakistan has completed action. It has successfully complied with 21 out of 27 points of action. They decided to keep the country on its ‘grey list’ until February 2021, the watchdog’s president said on Friday.
FATF President Marcus Pleyer announced the decision at a virtual press conference. The conference held after the body’s three-day plenary session came to an end today.
The global watchdog reviewed Pakistan’s progress on the 27-point action plan. It analyzed the plan for addressing anti-money laundering and terror financing; in its plenary session that started on October 21.
In a statement issued after the plenary session concluded. The financial watchdog said: “To date, Pakistan has made progress across all action plan items and has now largely addressed 21 of the 27 action items. As all action plan deadlines have expired, the FATF strongly urges Pakistan to swiftly complete its full action plan by February 2021.”
Shortly after FATF announced its decision, Minister for Industries Hammad Azhar said that Pakistan had “achieved impressive progress” and congratulated federal and provincial teams “who have worked day and night even during the pandemic to ensure this turn around”.
The minister said that due to Pakistan’s progress FATF had “acknowledged that any blacklisting is off the table now”.
Pak has achieved impressive progress on its FATF action plan.
21 out of 27 action items now stand cleared. Remaining 6 rated as partially complete.
Within a year, we progressed from 5/27 to 21/27 completed items.
FATF acknowledged that any blacklisting is off the table now. 1/2— Hammad Azhar (@Hammad_Azhar) October 23, 2020
India’s plans will fail
Foreign Minister Shah Mehmood Qureshi on Friday said India’s plans to “push Pakistan into the blacklist” of the FATF will fail because of the steps the country has taken to meet the requirements of the global money laundering and terrorist financing watchdog.
He was speaking to reporters in Islamabad, hours before the FATF is expected to announce whether Pakistan will remain on its ‘grey list’ or if the country has done enough to address deficiencies in its anti-money laundering and counter-terror financing regimes.
“I can say this with confidence, India will fail in its designs to push Pakistan into the blacklist,” Qureshi said, adding that the world had “acknowledged” today that the incumbent government and parliament had taken “concrete steps” regarding the FATF action plan.
He said Pakistan had conducted legislation and taken administrative measures to check money laundering and terror financing which were not seen in the recent past.
Of the 27 points on which the FATF had asked Pakistan to take action, “I can say with conviction we have implemented 21,” the minister said. He added that progress had also been made on the remaining six points.
“Considering all this progress, the FATF forum should view Pakistan’s measures positively and create room for Pakistan,” he emphasized, saying he hoped the world will “acknowledge” the steps taken by the country.
A day earlier, the Foreign Office (FO) rejected baseless reports circulating in the media claiming Saudi Arabia had voted against Pakistan at the FATF session.
“Pakistan and Saudi Arabia enjoy strong fraternal ties and the two countries have always cooperated with each other on all matters of bilateral, regional and international importance,” FO spokesman Zahid Hafeez Chaudhri had said.
