FATF Meeting

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Minister of State for Foreign Affairs Hina Rabbani Khar is leading Pakistani delegation in the FATF Plenary Meeting being held in Berlin, Germany. During the five day meeting, Pakistan’s progress under the 2018 and 2021 FATF Action Plans will be discussed. The Plenary will review the recommendations of FATF’s International Cooperation Review Group. The Minister of State will underscore the government’s high-level political commitment to further strengthen Pakistan’s domestic Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) regime. Pakistan remains under the FATF radar ever since the region raged with War on Terror. It emerged amongst the states that have shown maximum cooperation and intent to mitigate this global challenge nevertheless its status in the FATF remains steering and wobbling over the period. FATF added the terror financing clause in the year 2001 expanded its scope of surveillance, since then it has kept Pakistan under its critical scrutiny. The country has spent three years from the year 2012 to 2015 in the grey list status of the FATF. It has been dealing with the looming uncertainty of FATF compliance protocols through legislative measures and vowing full cooperation is aligned with the guiding principles of FATF protocols. Despite numerous constraints, the current government in Pakistan has effectively dealt with the challenges of money laundering and terror financing issues. It has carried out a comprehensive reformative measure mechanism to consolidate the surveillance, monitoring, and accountability. In particular, during the worst global pandemic crisis, it kept its ambitions and goals intact vis-à-vis addressing this alarming challenge. Addressing the 21 out of 27 key assigned points by FATF is an accomplishment that the majority of other grey list status designated states have not been able to contemplate so far. It is pertinent to mention that Pakistan is also working on the remaining FATF compliance protocol to ensure 100 percent vigor and transparency in its domestic financial affairs.

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