Pakistan has been on the gray record of the FATF since June 2018. (File)

Islamabad:

Pakistan’s Foreign Minister Bilawal Bhutto Zardari stated on Sunday that his nation was dedicated to comply with worldwide requirements associated to the counter-terrorism financing and anti-money laundering.

The Paris-based international money-laundering and terror-financing watchdog stated on Friday that Pakistan will proceed to be on the “Grey List” of nations beneath elevated monitoring of the Financial Action Task Force (FATF).

It stated Pakistan could also be faraway from the record after an on-site go to to confirm the implementation of its reforms on countering terror-financing mechanisms.

“Let me reiterate the Government of Pakistan’s high-level commitment to continue aligning our AML/CFT (Anti-Money Laundering/Combating the Financing of Terrorism) regime with global standards,” Bilawal Bhutto Zardari stated in a press release.

He stated that Pakistan is dedicated to persevering with this constructive trajectory of reforming the monetary sector as a part of its bigger strategic goal of strengthening its economic system.

The overseas minister additionally expressed hope that this “good news” from FATF will restore confidence in Pakistan’s economic system and act as a catalyst for sustained development and improvement.

“I welcome FATF’s unanimous acknowledgement of completion by Pakistan of its 2018 and 2021 Action Plans,” he stated, commending the laborious work and efforts of Pakistan’s FATF staff.

“This was the result of concerted national efforts and complete harmony of interests by all stakeholders,” he stated.

Bilawal Bhutto Zardari stated Pakistan seemed ahead to the on-site go to and a profitable and early fruits of the method resulting in Pakistan’s exit from the gray record.

Pakistan has been on the gray record of the FATF since June 2018 for failing to examine cash laundering, resulting in terror financing, and was given a plan of motion to finish the duty by October 2019.

With Pakistan’s continuation on the gray record, it had more and more turn out to be tough for Islamabad to get monetary support from the International Monetary Fund (IMF), the World Bank, the Asian Development Bank (ADB) and the European Union, thus additional enhancing issues for the nation.

The FATF is an inter-governmental physique established in 1989 to fight cash laundering, terrorist financing and different associated threats to the integrity of the worldwide monetary system.

The FATF presently has 39 members together with two regional organisations — the European Commission and Gulf Cooperation Council. India is a member of the FATF consultations and its Asia Pacific Group.

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