ISLAMABAD - Pakistan faces big challenges over the Financial Action Task Force, coming out from greylist may not be easy, Minister for Economic Affairs Hammad Azhar has admitted.
He said that Pakistan faces greater FATF challenges than other countries because of its risk profile.
He further stated that the completion of one action plan does not mean that the country will be out of the greylist. He apprised that Pakistan’s foremost priority is to complete the 27-point action plan of International Cooperation Review Group (ICRG). Pakistan was compliant, partially compliant and largely compliant on 22 action points and was non-complaint on five action points of ICGR.
He said that Pakistan will submit an initial report in December followed by the second report on January 7, 2020 which would be put up before the FATF plenary at the end of January to be taken up by mid-February 2020.
“We want to complete the ICRG action plan by 2020,” he added.
He said that substantial progress has been made and terror financing activities are now being identified but the conviction remains a challenge.