PARIS – The Financial Action Task Force (FATF) has once again retainedPakistan on its grey list while acknowledging that the South Asian countrymade “significant progress” in complying with the required action plan forremoval from the list.
In a statement, the international watchdog said that Pakistan has completed26 of the 27 action items of the action plan given to it in 2018.
“Since June 2018, when Pakistan made a high-level political commitment towork with the FATF and APG to strengthen its Anti-Money Laundering (AML)and Combating the Financing of Terrorism (CFT) regime and to address itsstrategic counter-terrorist financing-related deficiencies, Pakistan’scontinued political commitment has led to significant progress across acomprehensive CFT action plan,” it said in the statement.
The Paris-based body encourages Pakistan to continue to make progress toaddress, as soon as possible, the one remaining item by continuing todemonstrate that TF investigations and prosecutions target senior leadersand commanders of UN-designated terrorist groups.
In response to additional items given to Pakistan in light of 2019 APGMutual Evaluation Report (MER), in June 2021, FATF noted that Pakistanshowed high-level commitment to address these “strategic deficienciespursuant to a new action plan that primarily focuses on combating moneylaundering.”
The international watchdog acknowledged that since June 2021, Pakistanactively took measures t improve its AML/CFT regime and completed six ofthe seven action items ahead of any relevant deadlines expiring.
“Pakistan should continue to work to address the one remaining item in its2021 action plan by demonstrating a positive and sustained trend ofpursuing complex ML investigations and prosecutions,” the statement read.
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In response to FATF’s decision, the Finance Division reviewed Pakistan’sprogress on both action plans in its Plenary meeting.
“The FATF members, while participating in the discussion on Pakistan’sprogress, recognised Pakistan’s continuing commitment towards sustainable,robust AML/CFT frameworks,” the statement said.
“Pakistan presented its case in an effective manner and also reaffirmed itspolitical commitment to continue with the efforts to complete the actionplans.”
“The country is making endeavours to complete the last two remaining itemsof both the action plans, as early as possible.”
