Tuesday, August 9, 2022

Pakistan’s diplomatic efforts to get out of the FATF gray list begin

Pakistan has launched massive diplomatic efforts to get out of the Financial Action Task Force (FATF) gray list. Partial readiness has been expressed for cooperation on progress, due to which Pakistan has a bright prospect of being removed from the gray list.

According to sources, during the recent visits of Prime Minister Mian Shahbaz Sharif and Pakistan’s Foreign Minister Bilawal Bhutto Zardari and Minister of State for Foreign Affairs Hina Rabbani Khar, important discussions have taken place regarding FATF in which soft attitude towards Pakistan has been expressed towards important countries. Almost all the points of the FATF Action Plan have been implemented, except for the penalties, and Pakistan has made prosecutions and all relevant legal amendments in this regard.

Pakistan’s position is that Pakistan, like the rest of the world, has an impartial, independent and transparent court system and according to the prevailing legal system, money laundering and terrorism financing cases can be punished. However, in this case, the prosecution system. The shortcomings have been rectified and the Directorate of DNFBPs has been made operational. In which the chances of Pakistan getting out of the gray list are bright as Pakistan has implemented 32 out of 34 points.

According to sources in the Ministry of Finance, Pakistan has implemented 26 out of 27 points of FATF 2018 Action Plan and 6 out of 7 points under 2021 Action Plan. Representation of Pakistani delegation in FATF meeting Hina Rabbani Khar will be the Minister of State for External Affairs for which the Foreign Ministry has decided the strategy.

Issues related to Pakistan will be discussed at the meeting on June 15-16 and Pakistan’s name is expected to emerge from Gray but the final situation will be clarified this week, sources said, adding that if any further progress is required. The name may remain on the gray list for some more time, but due to effective diplomatic efforts, Pakistan is more likely to be removed from the gray list this time.

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