FATF team visit smooth, successful: FO

ISLAMABAD: Pakistan Wednesday termed the recent onsite visit of a FATF technical team ‘smooth and successful’ and said it looked forward to a logical conclusion to the ongoing evaluation process.

”The report of the FATF onsite team will be discussed in the ICRG (International Cooperation Review Group) and Plenary meetings, scheduled for the third week of October 2022 in Paris. Pakistan is looking forward to a logical conclusion to the ongoing evaluation process,” said the Foreign Office in a statement.

The statement comes in response to several media reports about the visit which the ministry had kept secret. Even after the FATF team had left Pakistan and reports were published about the visit, the Foreign Office kept mum and only came out with a statement on Wednesday.

The reports claimed Pakistan had not yet fulfilled all the FATF conditions. However, the Foreign Office issued the statement contesting the reports. “With regard to technical compliance with the FATF standards, Pakistan has now been rated as Compliant/Largely Compliant in 38 out of 40 FATF recommendations, which places us among the top compliant countries in the world,” the Foreign Office said, confirming that two recommendations (related to money laundering) were yet to be completed.

As regards the status of Pakistan’s progress, the Foreign Office pointed out that the FATF’s latest evaluation of Pakistan superseded its previous years’ findings. “As a result of its strenuous and consistent efforts over the last four years, Pakistan has not only achieved a high degree of technical compliance with the FATF standards, but also ensured a high level of effectiveness through implementation of two comprehensive FATF Action Plans and is committed to continuing its efforts in this regard,” said the Foreign Office.

It further clarified that the visit was focused on validating on-ground Pakistan’s high-level commitment and sustainability of reforms in our AML/CFT regime.

“Completion of both Action Plans by Pakistan in June 2022 is, in fact, an acknowledgement by the FATF of attaining a high level of effectiveness on the FATF standards. Over the last four years, Pakistan’s effectiveness in AML/CFT regime has increased across all Immediate Outcomes, which has significantly mitigated risks and threats of money laundering and financing of terrorism,” added the Foreign Office.