The Financial Action Task Force (FATF) announced an on-site visit to the Islamic Republic of Pakistan right after they acknowledged Islamabad’s completion of all the 34 items on the watchdog’s list, inching towards exiting the “gray listing.” Pakistan has worked with all its might to drastically finish its two motion plans, masking 34 items. It did warrant an on-site visit to confirm that the implementation of Pakistan’s AML (Anti Money Laundering)/ CFT (Counter Financing of Terrorism) reforms has started and is being sustained. The announcement comes after the FATF’s 4-day plenary session concluded in Berlin, where Pakistan’s FATF and money laundering scenario were discussed. Pakistan was under increased monitoring on the FATF list of countries in June 2018 and was considered a threat. But due to the struggles of the security institutions, Political parties, and entire nation, the removal of Pakistan from the FATF grey list can be seen.
The watchdog’s statement confirmed that the vital political and institutional dedication stays in the vicinity to maintain implementation and improvement shortly. FATF stated that since June 2018, Pakistan made an excessive-degree political commitment to work side by side with the FATF and the Asia Pacific Group (APG) to bolster its anti-money laundering/ counter financing of terrorism (AML/ CFT) regime and to cope with its counter-terrorism strategic monetary deficiencies. Following Pakistan’s commitment in 2018, the watchdog said that security institutions and political dedication to fighting terrorist financing and money laundering has brought about significant development in the last 10 years.
According to the watchdog, Pakistan confirmed that terror financing investigations and prosecutions target senior leaders and commanders of UN-unique terrorist groups. It introduced a high-quality upwards trend in the number of money laundering investigations and prosecutions being pursued within the country, keeping with Pakistan’s risk profile.
In addition, Pakistan has succeeded in addressing its 2021 motion plan beforehand of the set times. The FATF also brought the issue of the COVID-19 situation and will conduct an on-site visit at the earliest possible date. Therefore, Pakistan will be micromanaged by FATF until Pakistan clears its name of any activities that lie in the grey area of FATF.
4 Years of Hardships
Following the declaration, state Minister for Foreign Affairs Hina Rabbani Khar congratulated Pakistan for inching closer to removing the unjustly tainted name of Pakistan from the FATF grey list. The State Minister of Pakistan also added, “The international community has unanimously acknowledged our efforts. Our success against terrorism is the final result of four years of challenging journey of the Pak Army, Government, and the people of Pakistan.
In addition to the past struggles of Pakistan and its people, Pakistan reaffirms its resolve to hold the momentum and boost the country’s economic system. The government of Pakistan and its institutes are working day and night to clear the name of Pakistan from illegal affiliations with any terrorist organizations. Because in the end, Pakistan has always promoted and followed peace. All those years of struggle and patience have led to the moment of expectation when the watchdog will announce Pakistan’s removal from the FATF grey list in October.
