Bilawal reiterates Pakistan’s ‘high-level dedication’ to align economic system with world requirements

Bilawal reiterates Pakistan’s ‘high-level dedication’ to align economic system with world requirements

Days after Pakistan obtained “excellent news” from the Monetary Motion Job Power (FATF), International Minister Bilawal Bhutto Zardari reiterated Pakistan’s “high-level” dedication to proceed aligning the nation’s anti-money laundering (AML) and counter-terror financing (CFT) regime with world requirements.

His remarks come after the FATF acknowledged on Friday that Pakistan had met all 34 objects on two separate motion plans.

The subsequent step entails a go to to the nation to confirm the implementation and sustainability of the nation’s cash laundering and counter-terrorism financing measures earlier than eradicating it from its elevated monitoring listing, also called the “gray listing”.

The watchdog had included Pakistan amongst its elevated monitoring jurisdiction in June 2018.

“The federal government of Pakistan is dedicated to proceed this constructive trajectory of reforming the monetary sector as a part of its bigger strategic goal of strengthening Pakistan’s economic system,” the international minister stated in an announcement launched by the International Workplace on Sunday.

“I’m sure that this excellent news from FATF will restore confidence in Pakistan’s economic system and act as a catalyst for sustained development and growth.”

The international minister reiterated the federal government’s “high-level dedication to proceed aligning our AML/CFT regime with world requirements”.

He added that the nation was trying ahead to the on-site go to and “a profitable and early end result of the method resulting in Pakistan’s exit from the gray listing”.

Welcoming FATF’s unanimous acknowledgement of completion by Pakistan of its 2018 and 2021 motion plans, the minister counseled the “laborious work and devoted efforts” of Pakistan’s FATF group that he stated led to the profitable completion of all technical necessities of each plans.

“This was the results of concerted nationwide efforts and full concord of pursuits by all stakeholders,” he added.

“The announcement by the FATF plenary of granting an on-site go to to Pakistan is a welcome growth. It displays the outstanding progress made by Pakistan to boost the effectiveness of its AML/CFT regime,” he stated.

Pakistan qualifies for on-site go to

Whereas asserting the watchdog’s resolution on Friday, FATF President Dr Marcus Pleyer acknowledged the reforms applied by the nation, saying “they’re good for the soundness and safety of the nation”.

On the conclusion of the four-day plenary in Berlin, he, nonetheless, added that “Pakistan isn’t being faraway from the gray listing at present. The nation shall be faraway from the listing if it efficiently passes the on-site go to”.

Pleyer had stated Pakistan must guarantee [during the visit] that it successfully tackled cash laundering and funding of terrorist teams.

Hina Khar cautions towards celebrating prematurely

The next day, Minister of State for International Affairs Hina Rabbani Khar cautioned towards untimely celebration, however nonetheless termed the nation’s progress to this point nothing in need of a “herculean effort”.

On the deliberate on-site go to, she stated it was a obligatory procedural requirement earlier than the FATF deems the nation worthy for elimination from its gray listing.

Nevertheless, she did voice optimism that Pakistan was “one step away” from exiting the stated listing that it had been on for 4 years.

Whereas speaking concerning the classes that Pakistan had learnt, Khar stated the message for the nation was “by no means once more”.

“By no means once more will we need to be a part of any listing that can require us to divert our consideration from our nationwide necessities to [international] reporting necessities. We by no means need to slip into this once more. That is the most important lesson.”

Supply hyperlink

This site uses Akismet to reduce spam. Learn how your comment data is processed.