FM Qureshi says FATF has no more ground to keep Pakistan on grey list

FM Qureshi says FATF has no more ground to keep Pakistan on grey list

Islamabad (Web Desk): Foreign Minister (FM) Shah Mahmood Qureshi on Saturday said that there is no reason to keep Pakistan on grey list after it has implemented 26 out of 27 action plans of Financial Action Task Force (FATF).

In a statement, the foreign minister said it has to be determined whether the FATF is a technical forum or a political one.

He said it also needs to be looked into whether this forum is being used for political purposes.

“Some powers desire to keep the sword of FATF hanging over Pakistan,” FM Qureshi added.

He said that the FATF itself has accepted that Pakistan has implemented 26 points out of 27 points of action plan whereas significant progress has been made on the 27th point.

FM Qureshi made it clear that whatever steps Pakistan took were in its own interests. He said it is in our interest to stop money laundering and terror financing. He said that Pakistan is taking steps in its own interest.

"What is our interest? Our interest is to curb money laundering and terror financing and whatever is in our interest we will continue to do so," the FM said.

On Friday, the FATF announced its decision to keep Pakistan on its grey list while acknowledging that the country has fully implemented 26 out of 27 points of its action plan.

“Pakistan remains under increased monitoring [list]… the Pakistani government has made substantial progress, making it counter terrorism financing system stronger and more effective,”

FATF President Dr Marcus Pleyer said while addressing a press conference following a five-day virtual meeting of the body in Paris.

He said Islamabad has largely addressed 26 of 27 items on FATF’s action plan. “However, one key item still needs to be completed which relates to the investigation and prosecution of senior commanders and leaders of UN designated terror groups,” the FATF chief added.

In 2019, the regional partner of FATF identified problems in Pakistan’s anti-money laundering measures. But since then it has improved. There remains risk of money laundering and subsequently FATF had discussions with Pakistan.