ISLAMABAD: FM Makhdoom Shah Mahmood Qureshi, while commenting on FATF’s (25th of June, 2021) decision apropos keeping Pakistan on its Grey List, stated today (26th of June) that certain powers wanted FATF sword continue to hang on Pakistan.
Bewildered by its verdict, FM asserted that there was no need to keep Pakistan on the Grey List. Wondering on its nature, he said it would be adjudged whether it was a technical or political forum with some clandestine agendas. FATF, he asserted, had conceded that Pakistan had achieved 26 measures and was committed to implement the 27th. FM insinuated that some powers wanted the sword of FATF to continue to hang on Pakistan. FM pointed out that Pakistan had taken all the steps to eliminate money laundering and terror financing.
Dr Marcus Pleyer, addressing a Presser here, acknowledged that Pakistan had made significant measures and it had largely addressed 26 out of 27 measures. Nevertheless, the FATF president held that Pakistan still needed to address the action plan on financial terrorism: “In 2019, the regional partner of FATF identified problems in Pakistan’s anti-money laundering measures…But since then it has improved. There remains risk of money laundering and subsequently FATF had discussions with Pakistan…I want to thank the Pakistan government for their continued commitment to address the concerns and make the necessary changes they were asked to effect….
“The FATF encourages Pakistan to continue to make progress to address as soon as possible the one remaining CFT-related item by demonstrating that TF investigations and prosecutions target senior leaders and commanders of UN designated terrorist groups.” It is pertinent to mention here that Pakistan was placed on the FATF’s Grey List (Nations Under Increased Monitoring) back in 2018. Due to Greylisting (insinuating that the money in the country is being utilized for financing terrorism) foreign investment flow in the country slowed down during this period of three years. Pakistan had to bear a damage of $10 billion per year. Now it will have to endeavor towards complete implementations by next 5-day plenary rendezvous of FATF scheduled to be held from 17th till 22nd day of October, 2022.
Meanwhile, Hammad Azhar (Fed Minister for Energy) claimed that the FATF’s seven items on the money laundering action plan, given to Pakistan today (25th of June, 2021) would be completed in 12 months. FATF Grey List (issued on 21st day of February, 2020) harbors names of Albania, the Bahamas, Barbados, Botswana, Cambodia, Ghana, Iceland, Jamaica, Mauritius, Mongolia, Myanmar, Nicaragua, Pakistan, Panama, Syria, Uganda, Yemen and Zimbabwe.
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