Pakistan's significantly mitigated risks of money laundering, financing of terrorism: FO

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

He said this in a statement on Wednesday, 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.

The Spokesperson said that pursuant to the authorization 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.

The focus of the 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.

The Report of FATF Onsite team will be discussed in FATF’s International Cooperation Review Group and Plenary meetings to be held in the third week of the next month in Paris.

He said Pakistan is looking forward to logical conclusion to the ongoing evaluation process.

As regards the 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 the top compliant countries in the world.

The 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.

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