WASHINGTON: Pakistan will soon move out of the Financial Action Task Force's (FATF) grey list, Finance Minister Ishaq Dar assured ahead of the watchdog's plenary session that will decide the country's fate.
The first FATF plenary under the two-year Singapore Presidency of T Raja Kumar will take place on October 20-21. The watchdog will hold a press conference to announce its outcomes the same day its meeting ends.
Last month, the FATF inspection team visited Pakistan to assess rules, regulations, and strengthening of institutional mechanism to decide on removing the country from the grey list.
The FATF had placed Pakistan on its grey list in June 2018 and despite making many efforts, Islamabad was not removed from the list. Ironically, Pakistan had to implement two different action plans simultaneously and now the country has fully implemented all action plans
The FATF team scrutinised arrangements placed by the ministries, relevant departments, regulators, and law enforcement agencies to verify whether or not these systems and procedures were sustainable to combat money laundering and terror financing on a permanent basis.
According to the Foreign Office, the watchdog's team's visit in September was "smooth and successful" and the meetings were held in a "constructive and positive atmosphere".
In June, 2022, the FATF found Pakistan compliant on all 34 points and recommended the onsite visit to verify the progress made by the country. However, the watchdog still kept the nation on its grey list.
On his visit to the US, Dar said that the purpose of the tour was to attend International Monetary Fund (IMF) and World Bank meetings and to ensure these financial organisations that Pakistan would continue its economic policies.
The finance minister said that the global lenders have asked him not to give subsidies, while he also maintained that Pakistan will complete all promises made to IMF and World Bank.
Speaking on the financial difficulties Pakistan faces due to the floods, the finance minister said that WB and other international agencies had estimated the losses to be at $32.4 billion.
“In addition, $16 billion has been estimated for a flood rehabilitation programme in the country, while the government is already working on a rehabilitation programme for flood affectees,” he said.
Responding to US President Joe Biden’s statement about Pakistan's nuclear programme, Dar said due to PTI Chairman Imran Khan’s irresponsible statement Washington raised concerns and doubts.
“But Pakistan’s command and control system is in safe and strong hands, it was safe from 2013 till 2018 and it will be,” he added.
The president of the United States had alleged that Pakistan's nuclear programme lacks "cohesion" and that it was among the world's most dangerous nations.
The US president's remarks drew strong criticism from Pakistan, with Foreign Minister Bilawal Bhutto-Zardari and Prime Minister Shehbaz Sharif condemning the statement.
The Ministry of Foreign Affairs (MOFA) also handed a "strong" demarche to US Ambassador to Pakistan Donald Blome.
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