Pakistan criticized the Financial Action Task Force on Saturday after it kept Pakistan on its greylist despite having completed the work on 26 of 27 points in the 2018 action plan. Shah Mahmood Qureshi (Foreign Minister) questioned the FATF’s decision in a statement. He said, “It is to be determined if FATF is a technical forum or a political one, and whether it is being used for political purposes.”
After a five-day plenary session, the FATF expressed appreciation to Pakistan for its progress and efforts in addressing items on its country plan. It also announced that it would keep Pakistan on its grey list until it addresses “the remaining CFT-related item.” The FATF also gave six additional anti-money laundering areas for the government to address.
The foreign minister stated that Pakistan had completed 26 points of the FATF action plan. He added that significant progress was made on the 27th point, and that Pakistan intends to continue doing more.
FM Shah Mahmood Qureshi stated that Pakistan should be removed from the grey list in such circumstances.
He regretted the fact that some forces wanted the sword to hang over Pakistan.
He said that Pakistan is acting in its own interests. What is our interest? We are interested in reducing money laundering and terror financing. And we will do whatever it takes to continue doing so.”
Pakistan is confident in completing the FATF action plan
The FATF placed Pakistan on the “increased surveillance” list pending further action on six areas of anti-money laundering. Federal Minister for Energy Hammad Azhar expressed his confidence. That the new money laundering action plan would be implemented within twelve months.
Azhar spoke at an Islamabad press conference shortly after the FATF decision. However, He explained that the body has changed a lot in the past 10 years.
“The current situation has made FATF more important. Azhar stated that FATF wanted better money laundering monitoring.
Further, the minister explained that Pakistan’s previous action plan was based upon counter-terror funding.
Therefore, He said that 26 of the 27 points had been implemented by Pakistan. That the final point would be implemented, with a timeline of “3-4 months”.
October is the date for the next plenary meeting.