ISLAMABAD
\nDays after Pakistan received \u201cgood news\u201d from the Financial Action Task Force (FATF), Foreign Minister Bilawal Bhutto Zardari reiterated Pakistan\u2019s \u201chigh-level\u201d commitment to continue aligning the country\u2019s anti-money laundering (AML) and counter-terror financing (CFT) regime with global standards. His remarks come after the FATF acknowledged on Friday that Pakistan had met all 34 items on two separate action plans.
\nThe next step entails a visit to the country to verify the implementation and sustainability of the country\u2019s money laundering and counter-terrorism financing measures before removing it from its increased monitoring list, also known as the \u201cgrey list\u201d.
\nThe watchdog had included Pakistan among its increased monitoring jurisdiction in June 218.
\n\u201cThe government of Pakistan is committed to continue this positive trajectory of reforming the financial sector as part of its larger strategic objective of strengthening Pakistan\u2019s economy,\u201d the foreign minister said in a statement released by the Foreign Office on Sunday.
\n\u201cI am certain that this good news from FATF will restore confidence in Pakistan\u2019s economy and act as a catalyst for sustained growth and development.\u201d
\nThe foreign minister reiterated the government\u2019s \u201chigh-level commitment to continue aligning our AML\/CFT regime with global standards\u201d.
\nHe added that the country was looking forward to the on-site visit and \u201ca successful and early culmination of the process leading to Pakistan\u2019s exit from the grey list\u201d.
\nWelcoming FATF\u2019s unanimous acknowledgement of completion by Pakistan of its 2018 and 2021 action plans, the minister commended the \u201chard work and dedicated efforts\u201d of Pakistan\u2019s FATF team that he said led to the successful completion of all technical requirements of both plans.
\n\u201cThis was the result of concerted national efforts and complete harmony of interests by all stakeholders,\u201d he added.
\n\u201cThe announcement by the FATF plenary of granting an on-site visit to Pakistan is a welcome development. It reflects the remarkable progress made by Pakistan to enhance the effectiveness of its AML\/CFT regime,\u201d he said.
\nWhile announcing the watchdog\u2019s decision on Friday, FATF President Dr Marcus Pleyer acknowledged the reforms implemented by the country, saying \u201cthey are good for the stability and security of the country\u201d.
\nAt the conclusion of the four-day plenary in Berlin, he, however, added that \u201cPakistan is not being removed from the grey list today. The country will be removed from the list if it successfully passes the on-site visit\u201d.
\nPleyer had said Pakistan would have to ensure that it effectively tackled money laundering and funding of terrorist groups.
\nThe following day, Minister of State for Foreign Affairs Hina Rabbani Khar \u2018coutioned\u2019 against premature celebration, but nonetheless termed the country\u2019s progress so far nothing short of a \u201cherculean effort\u201d.
\nOn the planned on-site visit, she said it was a necessary procedural requirement before the FATF deems the country worthy for removal from its grey list.
\nHowever, she did voice optimism that Pakistan was \u201cone step away\u201d from exiting the said list that it had been on for four years.
\nWhile talking about the lessons that Pakistan had learnt, Khar said the message for the country was \u201cnever again\u201d.
\n\u201cNever again will we want to be part of any list that will require us to divert our attention from our national requirements to international reporting requirements. We never want to slip into this again. This is the biggest lesson.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD Days after Pakistan received \u201cgood news\u201d from the Financial Action Task Force (FATF), Foreign Minister Bilawal Bhutto Zardari reiterated Pakistan\u2019s \u201chigh-level\u201d commitment to continue aligning the country\u2019s anti-money laundering (AML) and counter-terror financing (CFT) regime with global standards. His remarks come after the FATF acknowledged on Friday that Pakistan had met all 34 items […]<\/p>\n","protected":false},"author":2,"featured_media":262806,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[555,651,8688,20],"class_list":{"0":"post-266919","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-top-news","8":"tag-bilawal-bhutto-zardari","9":"tag-economy","10":"tag-global-standard","11":"tag-pakistan"},"yoast_head":"\n