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Hopefully Pakistan will exit FATF grey list by October, says Hina Rabbani Khar

Hopefully Pakistan will exit FATF grey list by October, says Hina Rabbani Khar
June 18, 2022 Web Desk

ISLAMABAD (92 News) - State Minister for Finance Hina Rabbani Khar has said that hopefully Pakistan will exit the Financial Action Task Force (FATF) grey list by October.

Addressing a press conference at the Ministry of Foreign Affairs on Saturday, she said that Pakistan is the lone country that had to implement two action plans simultaneously. "It is premature to celebrate with regard to the FATF. No doubt the conditions of the FATF were difficult," she added.

The minister said that the credit of coming off the grey list goes to the state, not institutions. "We are ready to award medals to those who want them."

APP ADDS: Minister of State for Foreign Affairs Hina Rabbani Khar reiterated that Pakistan’s cooperation with the Financial Action Task Force (FATF) and the international community was grounded in its strategic objective of strengthening its economy and further integration with the global financial system.

"The good news from the FATF will restore confidence in our economy and will give it a much-needed boost and would improve the investment climate."

She said that Pakistan’s positive and speedy progress, which paved the way for its exit from the grey list, was greatly appreciated and welcomed by the FATF members.

Sharing details of the FATF plenary session in Berlin, Germany where she headed Pakistan’s delegation, the minister said during the meeting, the recommendations of the FATF’s International Cooperation Review Group (ICRG) on Pakistan’s 2018 and 2021 Action Plans were discussed. "Pakistan’s cooperation with FATF, international community grounded in its strategic objective of strengthening economy. The FATF had acknowledged by consensus that all action items had been largely addressed by Pakistan and the action plan was closed with no pendency on part of Pakistan," she added.

Hina Rabbani Khar said on 2021 Action Plan related to money laundering issues, Pakistan had completed the entire seven-point action plan a year ahead of the prescribed timelines. “This swift pace and progress is indicative of the comprehensive reforms and action that have been carried out by Pakistan in the AML/CFT domain and sustained momentum of our efforts,” she maintained.

She explained that it was a technical requirement for those countries that were removed from the grey list. "The on-site visit would evaluate the arrangements, legislation, coordination among the different bodies and their offices, etc. “It mark the beginning of the end-process that will eventually culminate in the exit of Pakistan from FATF’s grey list,” she said, elaborating that they were working closely with the FATF to arrange the on-site visit, with a view to conclude the entire process at the earliest and before the next FATF plenary in October this year.