Pakistan thanks FATF member states for achieving targets: FO

ISLAMABAD: The Ministry of Foreign Affairs thanked the Financial Action Task Force (FATF) members and the international community for providing valuable support during the Action Plan period.

The Foreign Office issued a statement stating that the FATF has decided by consensus that Pakistan has completed all “substantial, technical and procedural requirements” of both 2018 and 2021 Action Plans.

As a result, Pakistan has been taken out of the list of jurisdictions under increased monitoring with immediate effect, the statement confirmed.

This decision was taken during the FATF plenary meeting held in Paris, France from 20-21 October 2022. Minister of State for Foreign Affairs and Chairperson National FATF Coordination Committee Hina Rabbani Khar led Pakistan’s delegation to the meeting.

The Foreign Office said Pakistan has made enormous progress in the Anti Money Laundering and Countering Financing of Terrorism (AML/CFT) domain over the course of fulfilling requirements of both Action Plans.

Despite many challenges, including the Covid-19 pandemic, Pakistan continued the reform trajectory and sustained the high-level political commitment of aligning its domestic AML/CFT regime with international best practices, it added.

It said achieving the FATF targets was a whole-of-nation endeavor as multiple ministries, departments and agencies, both at the Federal and Provincial levels, contributed to achieving this national objective.

The engagement with FATF has led to strategic improvements in Pakistan’s laws and procedures, making its domestic AML/CFT regime more resilient to cope with current and future challenges.

Pakistan thanks the FATF members and the international community for providing valuable support during the Action Plan period.

Pakistan reiterates that it will continue building on this mutually beneficial cooperation to sustain the gains. Pakistan also looks forward to sharing its expertise, knowledge and experience with other countries to enhance effectiveness of FATF standards at the global level.