Pakistan will come out of FATF's grey list in 2020: Hammad Azhar

ISLAMABAD - Federal Minister for Economic Affairs Muhammad Hammad Azhar Wednesday expressed the confidence that Pakistan was progressing positively on the action plan of Financial Action Task Force (FATF) and would come out of its grey list in 2020.

The country's progress had been duly recognized in the  FATF's September report, he said while addressing a press conference.

The minister said considerable progress had been made on many points of the action plan in a short period of 10 months. Till last month, action on five items out of 27 had been accomplished while the rest were largely or partially completed out.

Pakistan's performance, he said, was appreciated at the  FATF's plenary session.

Last week, the global watchdog had announced that Pakistan will remain on the grey till February 2020, giving it a final deadline to overcome the deficiencies to avoid blacklisting.

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The Paris-based FATF issued the warning to Pakistan at its five-day plenary. In an official statement, the global watchdog admitted the progress made by Pakistan to curb money laundering and terror financing.

However, it also strongly urged “Pakistan to swiftly complete its full action plan by February 2020. Otherwise, should significant and sustainable progress not be made across the full range of its action plan by the next Plenary, the FATF will take action”.

A Pakistani delegation headed by Economic Affairs Minister Hammad Azhar attended the meeting where it presented FATF a compliance report of Pakistan on a previously agreed action plan.

At the plenary, “Pakistan reiterated its political commitment to completing its action plan and implementing AML/CFT reforms,” read the statement.

Last year, Pakistan was put on a grey list of countries responsible for terror-financing last year, giving Islamabad with a 27-point action plan to take strict anti-money laundering steps.

Earlier in June, the watchdog gave four months to the country to ensure implementation of the action plan.

Placing a country on blacklist usually results in economic sanctions and trade penalties imposed and implemented by the G-7 countries. No sanctions are placed on a grey-listed country.