ISLAMABAD: Foreign Office Spokesperson Asim Iftikhar said that Pakistan's effectiveness in Anti-Money Laundering and Combating Financing of Terrorism regime has significantly mitigated risks and threats of money laundering and financing of terrorism.

He said this in a statement while responding to media queries about news stories that recently appeared in domestic media about Pakistan's current engagement with Financial Action Task Force and progress in AML and CFT domain. Spokesperson said that pursuant to authorisation of Onsite Visit by FATF Plenary in June this year, an FATF technical team recently visited Pakistan and held detailed discussions with relevant agencies. He said it was a smooth and successful visit.

Focus of visit was to validate on ground Pakistan's high-level commitment and sustainability of reforms in our AML and CFT regime. Asim Iftikhar said meetings with FATF team were held in a constructive and positive atmosphere. Report of FATF Onsite team will be discussed in FATF's International Cooperation Review Group and Plenary meetings to be held in third week of next month in Paris. He said Pakistan is looking forward to logical conclusion to ongoing evaluation process. As regards status of Pakistan's progress, FATF's latest evaluation of Pakistan supersedes its findings in previous years. Resultantly, Pakistan has not only achieved a high degree of technical compliance with FATF standards it has also ensured high level of effectiveness through implementation of two comprehensive FATF Action Plans, and it is committed to continuing its efforts in this regard. With regard to technical compliance with FATF standards, Pakistan has now been rated as Compliant and Largely Compliant in 38 out of 40 FATF Recommendations, which places us among top compliant countries in world. Spokesperson said that completion of both Action Plans by Pakistan in June this year is, in fact, an acknowledgement by FATF of attaining a high level of effectiveness on FATF standards.            

Published in The Daily National Courier, September, 15 2022

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