Significant progress made on FATF action plan: minister

Economic Affairs Minister Hammad Azhar said on Saturday that Pakistan has made significant progress on the implementation of the Financial Action Task Force’s 27-point action plan during the past one year.

“14 out of 27 action items of the ICRGA Action Plan carry ‘largely complete’ status now,” the minister tweeted.

The federal minister said an overwhelming majority of FATF member countries have positively acknowledged the significant progress made by Pakistan with regard to the action plan.

“Pakistan is undergoing dual scrutiny at FATF platform. Pak authorities are aiming to complete the ICRG action plan during 2020. And also working in parallel on the deficiencies of the APG MER for which we are currently in the observation period,” he explained.

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The global financial watchdog had announced on Friday that its plenary has decided not to blacklist Pakistan “after the country showed progress on a majority of actionable points and demonstrated its serious political commitment to curb terror financing and money laundering”.

Pakistan’s status would be retained on FATF’s Compliance Document, normally referred to as the “grey list”, for four more months, setting June 2020 as the new deadline for delivering on the remaining points related to terror financing risk management.

Following the FATF meeting, Chinese Foreign Ministry Spokesperson Geng Shuang had stated, “Pakistan has made enormous efforts in improving its counter-terror financing system, which has been recognized by the vast majority of FATF members at its latest plenary meeting.”

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