Federal Minister for Energy – Hammad Azhar has reassured that the new action plan given by Financial Action Task Force (FATF) will soon be implemented.
Addressing a press briefing in Islamabad on Saturday (today), Hammad Azhar reaffirmed that FATF’s anti-money laundering plan is easier than the previous ones issued by the watchdog and will soon be implemented.
In a separate statement made on Friday a day earlier, Hammad Azhar said that FATF’s anti-money laundering plan will be completed in 12 months.
The federal minister underscored that 75 of the 82 technical points on the overall agenda given to Pakistan have already been completed.
Read More: Pakistan to remain on FATF grey list
Expressing his views on economic sanctions, Hammad Azhar apprised that there is no threat of sanctions from other countries due to Pakistan remaining in the grey list.
Pakistan’s financial and banking system had been found to be compliant according to FATF regulations so there would be no new strict measures imposed though current monitoring levels would continue, he noted.
FATF has acknowledged that Pakistan’s implementation 26 out of 27 points. One point is left and we will complete that as well. There is no threat of blacklisting; Pakistan will not be blacklisted, it will be whitelisted, said Hammad Azhar.
The development comes as FATF after its five-day plenary meeting announced its decision to keep Pakistan on its grey list till October 2021.
