According to a statement released by the FATF on Friday, “At its June 2022 Plenary, the FATF made the initial determination that Pakistan has substantially completed its two action plans, covering 34 items,”
The worldwide organization decided on the on-site inspection expedition during its plenary meeting in Berlin, Germany, from June 14 to 17.
The preliminary finding “warrants an on-site visit to verify that the implementation of Pakistan’s AML/CFT reforms has begun and is being sustained, and that the necessary political commitment remains in place to sustain implementation and improvement in the future”. According to the report.
The FATF will continue to follow the Covid-19 situation and will undertake an on-site inspection as soon as feasible, according to the statement, which did not provide a specific date for the visit.
According to Pakistani officials, the FATF will send a delegation to the country next month to verify the government’s assertion that it has completely executed all of the 34 requirements established by the FATF in February 2018 and again in June 2021.
Pakistan was given 15 months to execute these stipulations, but owing to the intricacy of the difficulties, it took nearly four years.
The FATF’s decision will now necessitate pledges from all Pakistani stakeholders to demonstrate to the FATF’s impending mission that the country’s anti-money laundering (AML) and counter-terrorist financing (CFT) regimes are free of severe flaws.
Minister of State for Foreign Affairs Hina Rabbani Khar, who was heading the Pakistani delegation during the four-day plenary session in Berlin that began on Tuesday, complimented the country for completing the FATF action plans effectively.
“As you know Pakistan is in Berlin for the FATF conference. FATF unanimously cleared Pakistan on many of its action plan checks. This is the start of the process of Pakistan being removed from the grey list,” she stated in a video message posted to her Twitter account.
“A technical evaluation team will be sent to Pakistan. We will try to ensure that the technical evaluation team will finish their work before October 2022 preliminary cycle and that they will have the best possible comfort. I want to acknowledge dedication of all those who burned the midnight oil. My team in Berlin worked very hard and I’m pleased that this hard work is being noticed and appreciated. I want to congratulate the entire nation,” she remarked.
To read our blog on “Pakistan is hoping to be removed from the FATF’s grey list,” click here.