In a statement, the Finance Division said that the FATF had recognised the “considerable progress” made by Pakistan on both the action plans. The statement said that Pakistan had completed four of the seven items on the 2021 action plan, adding that these were completed “much before” the timelines prescribed by the FATF. It said that progress on the remaining three items was “well underway” and the aim was to complete them ahead of the timelines set by the financial watchdog.
“The action items that have been completed include amendments in the Mutual Legal Assistance Act, 2020, AML/CFT [anti-money laundering/combating the financing of terrorism] supervision of designated non-financial businesses and professions (DNFBPs), transparency of beneficial ownership information, and implementation of targeted financial sanctions for proliferation finance by DNFBPs,” the statement said.The remaining items in the 2021 action plan include investigation and prosecution of money laundering cases, confiscation of assets and UN listings .Regarding the single item remaining on the 2018 action plan, the Finance Division said that Pakistan had submitted a comprehensive progress report in this regard.
“This shows the clear commitment of the Pakistani government so there is no discussion on blacklisting Pakistan and the FATF urges the country to address the remaining four items FATF President Dr Marcus Pleyer, however, says that the entire process of scrutiny and assessment is on technical parameters, and there is no element of bias in it. But some of the demands are unrealistic in essence, such as relying on Pakistan to tame some of the militant and proscribed outfits that are out of its de jure reach. How can Islamabad prevail over Tehrik-e-Taliban Afghanistan, Al Qaeda and ISIS, and many of their affiliates who are on the run and do not maintain books with any accredited institution in Pakistan? Still Pakistan is doing all it can to extend the scanner of investigation, as well as prosecution of senior leaders and commanders of UN-designated terror groups.
The good point is that Pakistan is complying, and has every intention to come out of the woods. Federal Minister Hammad Azhar hopes Pakistan would complete the required process in a couple of months, and stand out uprightly. Reports testify Pakistan has smartly put its house in order, convicted more than 150 people in money-laundering, and come down hard on terror financing channels — an aspect acknowledged by FATF and international donors. This progression was more than enough to take it off the grey list, but it seems perceptual enigmas prevail at times.
