Minister for Industries and Production Hammad Azhar on Saturday termed Financial Action Task Force’s (FATF) decision to keep Pakistan on grey list a “diplomatic victory” for the country.
On Friday, FATF gave yet another lifeline to Pakistan and decided to retain the country in its grey list for four more months while acknowledging political commitment to end deficiencies in the countryâ€™s terror financing regime.
Pakistan has again avoided being placed on the global dirty money watchdogâ€™s blacklist, although it could not fully implement its 27-point action plan till June 2020 deadline. But the country made significant progress on 21 points of the plan.
â€œThe FATF takes note of the significant progress made on a number of action plan items and to date, Pakistan has made progress across all action plan items and has now largely addressed 21 of the 27 action items,â€ according to a statement issued by the FATF Plenary on Friday.
But it said that â€œas all action plan deadlines have expired, the FATF strongly urges Pakistan to swiftly complete its full action plan by February 2021â€.
FATF has acknowledged our high-level political commitment and significant progress. Yesterday’s consensus decision without any voting is our diplomatic victory. Thus, no voting criteria (for any voting numbers) was applied. 1/2
â€” Hammad Azhar (@Hammad_Azhar) October 24, 2020
“FATF has acknowledged our high-level political commitment and significant progress. Yesterday’s consensus decision without any voting is our diplomatic victory. Thus, no voting criteria (for any voting numbers) was applied,” Hammad Azhar wrote on his official Twitter handle on Saturday.
He said that some circles were propagating “false and baseless information” about abstention or negative voting in the meeting.
“Some countries mentioned in the fake news are not even members of FATF. Pakistan enjoys broad international support and cooperation on FATF,” he said in another tweet.
In June 2018, Pakistan had been listed among the 16 jurisdictions under increased monitoring due to strategic deficiencies in their anti-money laundering (AML) and combating financing of terrorism (CFT) framework.
In February this year, the FATF plenary had warned that â€œall deadlines in the action plan have expired and should significant and sustainable progress, especially in prosecuting and penalising terror financing, not be made by the next plenary, the FATF will take action, which could include the FATF calling on its members and urging all jurisdictions to advise their investors to give special attention to business relations and transactions with Pakistan.
â€œPakistan has achieved impressive progress on 21 FATF action plan and remaining six are rated as partially complete,â€ Hammad Azhar had tweeted after the decision yesterday.
Pak has achieved impressive progress on its FATF action plan.
21 out of 27 action items now stand cleared. Remaining 6 rated as partially complete.
Within a year, we progressed from 5/27 to 21/27 completed items.
FATF acknowledged that any blacklisting is off the table now. 1/2
â€” Hammad Azhar (@Hammad_Azhar) October 23, 2020