Pakistan's completion of FATF parameters will be acknowledged soon: Hammad Azhar

Minister says country two agenda items away from completing FATF action plan

ISLAMABAD:

Minister of Energy Hammad Azhar said on Saturday that Pakistan is currently two agenda items away from completing the Financial Action Task Force (FATF) action plan requirements and Islamabad's completion of the technical parameters will be acknowledged "soon".

In a tweet from his official handle, the energy minister said six out of seven items of the money laundering (ML) action plan had been successfully addressed within an “unprecedented timeframe”, while 26 of 27 items of the terror financing action plan were also successfully addressed.

“A number of countries believe that we have already completed this plan”, the minister added.

Pakistan is now just 2 items away from completing both its FATF action plans.

ML Action Plan: 6 out of 7 items addressed within an unprecedented timeframe.

TF Action Plan: 26 out of 27 items addressed. A number of countries believe that we have already completed this plan. 1/2

— Hammad Azhar (@Hammad_Azhar) March 4, 2022

In the two-part tweet, Hammad expressed his optimism that Pakistan’s completion of FATF’s technical parameters would be globally acknowledged, despite the challenges the government has faced.

“Our fight against ML & TF continues with an unwavering national resolve”, the minister further said, stating that the government was dedicated to “waging war” against corrupt activities “not just for global compliances but first and foremost for our own sake”.

Pakistan's completion of FATF technical parameters shall be acknowledged soon, despite challenges.

Our fight against ML & TF continues with an unwavering national resolve. We wage war on these activities not just for global compliances but first & foremost for our own sake.

— Hammad Azhar (@Hammad_Azhar) March 4, 2022

The minister’s statements were made in light of FATF’s announcement on March 4, which retained Pakistan on the grey watch list. However, the global financial watchdog noted Islamabad’s “persistent political commitment” to implement its action plan.

The announcement came after the conclusion of the sixth plenary of the FATF held under the German Presidency of Dr Marcus Pleyer. At the end of the four-day of meetings, the watchdog also announced that it had added the United Arab Emirates to its “grey” watch list.

Read: Pakistan, UAE agree on FATF cooperation

The FATF acknowledged the "significant progress" made by Pakistan in completing the required action items. “Since June 2018, when Pakistan made a high-level political commitment to work with the FATF and APG to strengthen its AML/ CFT regime and to address its strategic counter-terrorist financing-related deficiencies, Pakistan’s continued political commitment has led to significant progress across a comprehensive CFT action plan,” it the statement said. “Pakistan has completed 26 of the 27 action items in its 2018 action plan.”

The FATF encouraged Pakistan to continue to make progress to address, as soon as possible, the one remaining item by continuing to demonstrate that terrorist financing investigations and prosecutions target senior leaders and commanders of UN-designated terrorist groups.