Chitral Times Report
ISLAMABAD: The Financial Action Task Force (FATF) announced on Friday that Pakistan will continue to remain on the watchdog’s “increased monitoring list”, also known as the grey list, till it addresses the single remaining item on the original action plan agreed to in June 2018 .
FATF discussed Pakistan’s progress report on 2018 Action Plan and Post Observation Period Report (POPR) in its virtual Plenary held on February 23, 2021. Pakistani delegation under the lead of Minister Mr. Muhammad Hammad Azhar attended this virtual FATF Plenary. The Plenary discussion on Pakistan focused on three main areas; Pakistan’s Technical Compliance, ICRG Action Plan and Post Observation Period Report (POPR). On Technical Compliance, FATF appreciated Pakistan’s commitment and efforts in seeking upgrades in a number of recommendations and expected that Pakistan would continue same momentum. Regarding 2018 Action Plan, the FATF recognized considerable progress made by Pakistan on action plan and Pakistan’s high-level commitment. Pakistan has now completed 26 of the 27 Action Plan items.
The FATF, after discussion, decided to retain status quo for Pakistan i.e. countries in increased monitoring for 2018 TF Action Plan, for remaining one action plan item. Pakistan is confident that the remaining action item would be completed before FATF’s next Plenary scheduled in October 2021. In relation to POPR, FATF acknowledged Pakistan’s significant progress and continuation of Pakistan’s high-level commitment.
A total of 82 deficiencies were highlighted in Pakistan’s 2019 MER which were included in the POPR as 67 recommended actions in 11 IOs, on which Pakistan reported progress. As a result of the progress made since the MER 2019, the FATF approved a 7 points ML centric action plan to be implemented by Pakistan. Pakistan has already provided its political commitment to FATF for implementation of the new Action Plan.
During FATF Plenary, there was a broader consensus on Pakistan’s continued efforts and progress on implementation of TF Action Plan as well as MER Recommended Actions.
There was a complete consensus among the membership regarding Pakistan’s unprecedented achievements in FATF.