Chinese embassy greets Pakistan on FATF progress

Islamabad: The Chinese embassy in Pakistan has congratulated Pakistan for its success in completing all requirements of the Financial Action Task Force (FATF), leading to possible exit from the ‘grey list’ in October.

“Congratulations!,” tweeted the embassy replying to a tweet by Pakistani Minister of State for Foreign Affairs Hina Rabbani Khar.

Khar had tweeted: “Congrats Pak(istan)! FATF declares both Action Plans complete. Intl (international) community has unanimously ack (acknowledged) ur (your) efforts. Our success is the result of 4 yrs of challenging journey. Pak(istan) reaffirms resolve to continue the momentum and give our economy a boost. Well done Pak Team FATF. Pak Zindabad (long live Pakistan)!”

Pakistan is ‘one step away’ from exiting ‘grey list’ after the global watchdog said an on-site visit could lead to the South Asian nation’s removal.

The FATF kept Pakistan on the list on Friday but said a visit to verify progress on countering financing of terrorism and money laundering could lead to its removal from countries under increased monitoring.

The financial crime watchdog, set up by the Group of Seven industrial powers to protect the global financial system, said Islamabad had substantially completed its two action plans, covering 34 items, as it seeks to get off the list where it has been since 2018.

“Pakistan is one step away from exiting the grey list, God willing,” Hina Rabbani Khar, told a news conference in Islamabad after arrival from Germany where she attended the FAYF meeting.

The FATF informed that an on-site visit was warranted to verify that reforms had begun and were being sustained, as well as that the necessary political commitment remained in place.

Khar mentioned Islamabad will be preparing for the on-site visit before the FATF’s next plenary in October, adding that the FATF will be visiting and inspecting all the measures and legislation Pakistan had implemented on money laundering and terrorism financing.

She underlined that Pakistan was confident of getting off the list, which would help build confidence in its economic framework.

Exiting the grey list could increase foreign inflows, specifically portfolio and direct investment.