The Ministry of Foreign Affairs (MOFA) has declared that the recent visit of the Financial Action Task Force (FATF) technical team to Pakistan for the purpose of holding discussions with relevant agencies was carried out in a productive manner hoping to lead a “logical conclusion”.
A foreign office spokesperson responded to media queries following a report published by a local English daily claimed that the FATF onsite visit was not as successful.
The foreign office spokesperson said that the FATF team’s Pakistan visit was ‘smooth’ and ‘successful’.
The focus of the visit was to validate on ground Pakistan’s high-level commitment and sustainability of reforms in our AML/CFT regime and “the meetings with FATF team were held in a constructive and positive atmosphere,” the spokesperson added.
The FO said that the report of FATF Onsite team will be discussed in FATF’s ICRG (International Cooperation Review Group) and Plenary meetings, scheduled to be held in the third week of October 2022 in Paris. Pakistan is looking forward to a logical conclusion to the ongoing evaluation process.
In a statement, the foreign office said that Pakistan has not only achieved a high degree of technical compliance with FATF standards it has also ensured high level of effectiveness through the implementation of two comprehensive FATF Action Plans, and it is committed to continuing its efforts in this regard.
Pakistan has now been rated as Compliant / Largely Compliant in 38 out of 40 FATF Recommendations, which places us among the top compliant countries in the world.
Completion of both Action Plans by Pakistan in June 2022 is, in fact, an acknowledgment by FATF of attaining a high level of effectiveness on FATF standards.
Over the last four years, Pakistan’s effectiveness in AML/CFT regime has increased across all Immediate Outcomes, which has significantly mitigated risks and threats of money laundering and financing of terrorism.
