Hina Rabbni Khar in Paris to attend FATF meeting
A Pakistani group led by Minister of State for Foreign Affairs Hina Rabbani Khar went to Paris. The group met with Jean-Louis Bourlanges, who is in charge of the French National Assembly’s Foreign Affairs Commission. They talked about the relationship between Pakistan and France, how parliaments can work together, the floods in Pakistan, climate change, and other local and global issues.
She also met a group of French intellectuals, think tank members, and scholars at the Pakistani Embassy in Paris. The Financial Action Task Force (FATF) will meet on Tuesday, and Minister of State Hina Rabbani Khar will be there (today).
The Paris-based group that keeps an eye on dirty money said, “The first FATF Plenary under T Raja Kumar’s two-year presidency of Singapore will take place on October 20 and 21, 2022.” At the Working Group and Plenary meetings in Paris, delegates from 206 members of the Global Network and observer organisations will take part. These include the International Monetary Fund, the United Nations, the World Bank, Interpol, and the Egmont Group of Financial Intelligence Units.
At the end of the two days of talks, the plenary’s decisions would be made public. The plenary will also focus on jurisdictions that have been identified as a risk to the international financial system. This will include an update to public statements that identify jurisdictions as high risk or subject to increased monitoring, as well as guidance on improving beneficial ownership transparency to stop shell companies and other unclear structures from being used to launder illegal funds.
In June 2018, Pakistan was put on a list of countries that need to be watched more closely because of problems in its legal, financial, regulatory, investigations, prosecutions, judicial, and non-government sectors when it comes to fighting money laundering and terror financing. These problems are seen as a serious threat to the global financial system.
In a 27-point action plan, Islamabad promised at a high political level to fix these problems. Later, though, the number of action points went up to 34. Since then, the country had been working hard with FATF and its partners to strengthen its legal and financial systems against money laundering and funding for terrorism, in line with FATF’s 40 recommendations, to meet international standards.
From August 29 to September 2, a group of 15 people from the FATF and its Sydney-based regional affiliate, the Asia Pacific Group, went to Pakistan to make sure the country was following the 34-point action plan it agreed to with the FATF in paris.
The government kept quiet about the delegation’s trip across the country, but later said it was “a smooth and successful visit.” Following FATF Plenary’s approval of an on-site visit in paris June 2022, the delegation had in-depth talks with the relevant agencies.
The main goal of the visit, according to the Foreign Office, was to confirm on the ground Pakistan’s high-level commitment and the sustainability of reforms in the AML/CFT regime. The Foreign Office was also looking forward to a logical end to the evaluation process. The FATF International Cooperation Review Group and plenary meetings will talk about the report of the FATF Onsite team.
Pakistan thought that its hard work over the past four years had led to a high level of technical compliance with FATF standards and a high level of effectiveness. It did this by putting two comprehensive FATF action plans into place paris.
FATF found that Pakistan was “compliant or largely compliant” on all 34 points in June of this year. They decided to send a team to the country to check it out before announcing the country’s exit from the grey list, which happened in August and September.
In August of this year, APG said that Pakistan was “compliant or largely compliant” with 38 out of 40 FATF recommendations. This meant that Pakistan was one of the most compliant countries in the world.
The IMF set a structural benchmark for the end of March 2022 for the completion of the FATF/APG action plan for the effectiveness of AML/CFT. This was done in June, with only a small delay. The government promised the IMF that it would review the implementation of AML/CFT controls by financial institutions for the tax amnesty programme for the construction sector by the end of June 2022. It also promised to “meet the timelines for the implementation of APG’s 2021 Action Plan, including on the mutual legal assistance framework, AML/CFT supervision, transparency of beneficial ownership information, and compliance with targeted financial sanctions for politically exposed persons.”