FATF team’s visit ‘smooth and successful’: FO

ISLAMABAD: Pakistan a termed a recent visit of the Financial Action Task Force (FATF) team as “smooth and successful” and said the focus was to validate commitment in Ant-Money Laundering and Counter-Terror Financing (AML/CLT) domain.

Foreign Office spokesperson was responding to media queries about news reports that recently appeared in  local media about Pakistan’s current engagement with FATF.

The spokesperson said an FATF technical team recently visited Pakistan and held detailed discussions with relevant agencies after on-site visit was authorized in June 2022.

“From our perspective, it was a smooth and successful visit,” the spokesperson said, adding the meetings with FATF team were held in a constructive and positive atmosphere.

The focus of the visit was to validate on ground Pakistan’s high-level commitment and sustainability of reforms in our AML/CFT regime.

The report of FATF onsite team will be discussed in FATF’s ICRG (International Cooperation Review Group) and plenary meeting scheduled to be held in the third week of October 2022 in Paris.

The Foreign Office spokesperson said Pakistan is looking forward to logical conclusion to the ongoing evaluation process.

“As regards the status of Pakistan’s progress, 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,” the spokesperson 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 it among the top compliant countries in the world.

The spokesperson said completion of both action plans by Pakistan in June 2022 is an acknowledgement by FATF of attaining a high level of effectiveness on FATF standards.

Over last four years, Pakistan’s effectiveness in AML/CFT regime has increased across all immediate outcomes which significantly mitigated risks and threats of money laundering and financing of terrorism.

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