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Pakistan on Wednesday described the onsite visit by a Financial Action Task Force (FATF) technical team as “smooth and successful,” adding it would hopefully lead to the country’s eventual exit from the watchdog’s grey-list.
“Pursuant to the authorization of Onsite Visit by FATF Plenary in June 2022, an FATF technical team recently visited Pakistan and held detailed discussions with relevant agencies,” read a statement issued by the Foreign Office. “From our perspective, it was a smooth and successful visit,” it added.
Noting the visit had aimed at validating Pakistan’s high-level commitment to, and sustainability of reforms, in its anti-money laundering/combating financing of terrorism regime. “The meetings with FATF team were held in a constructive and positive atmosphere,” it said, adding the report prepared by the team would be discussed at the FATF’s International Cooperation Review Group and Plenary meetings, scheduled to be held in the third week of October 2022 in Paris.
“Pakistan is looking forward to logical conclusion to the ongoing evaluation process,” it said, noting the FATF’s latest evaluation of Pakistan supersedes its findings in previous years. “As a result of Pakistan’s strenuous and consistent efforts over last four years, Pakistan has not only achieved a high degree of technical compliance with FATF standards it has also ensured high level of effectiveness through implementation of two comprehensive FATF Action Plans, and it is committed to continuing its efforts in this regard,” it added.
“With regard to technical compliance with FATF standards, Pakistan has now been rated as Compliant/Largely Compliant in 38 out of 40 FATF recommendations, which places us among the top compliant countries in the world,” it said.
“Completion of both Action Plans by Pakistan in June 2022 is, in fact, an acknowledgement by FATF of attaining a high level of effectiveness on FATF standards,” it said, noting Pakistan’s effectiveness in AML/CFT regime had increased across all immediate outcomes, significantly mitigating risks and threats of money laundering and financing of terrorism.
A 15-member joint delegation of the FATF and its Asia-Pacific Group paid an on-site visit to Pakistan from Aug. 29 to Sept. 2 to verify Islamabad’s compliance with a 34-point action plan committed in June 2018. If the country’s progress is deemed in line with the commitments, it would formally be whitelisted.