Pakistan to come out of FATF grey list in 2020: minister

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ISLAMABAD: Pakistan has set a target to complete all items on its Financial Action Task Force (FATF) action plan and get upgraded from the grey list to the white list in 2020, said Economic Affairs Minister Muhammad Hammad Azhar.

Taking to social media site Twitter, the minister stated that a coordinated effort from all regulators, law enforcement agencies (LEAs), federal and provincial government departments was already underway in this regard.

“Pakistan has targeted to complete all items on its FATF action plan and InshAllah upgrade from the grey list to the white list of FATF in 2020. A coordinated effort from all Regulators, LEAs, Federal and Provincial Govt Depts is already underway in this regards,” he tweeted.

Azhar further informed that the FATF had noted progress already achieved by Pakistan during the last one year, particularly in the last four months. However, he added, more work was needed to be done as the country’s action plan was perhaps the most ambitious and challenging ever handed out to any country.

“FATF has noted progress already achieved by Pakistan during the last one year and especially in the last four months. However, more work needs to be done as our action plan is perhaps the most ambitious and challenging ever handed out to any country,” the minister tweeted.

It is pertinent to mention that the FATF Plenary meeting was held from 13-18 October in Paris, where the Pakistani delegation was led by Hammad Azhar.

The FATF meeting on the occasion considered Pakistan’s progress report on the FATF Action Plan and APG Mutual Evaluation report (MER).

Pakistan’s delegation had reaffirmed its political commitment to fully implement the action plan.

The FATF plenary meeting decided to maintain status quo on the FATF Action Plan and allow the usual 12 months observation period for the APG MER.

The delegation had also held sideline meetings with various delegations and briefed them about the progress made by Pakistan on the FATF Action Plan and steps taken for strengthening its Anti-Money Laundering/Combating the Financial Terrorism regime.

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