Image: Reuters Berita 24 English - According to Pakistan's state minister for foreign affairs, the country is "one step away" ...
 |
| Image: Reuters |
Berita 24 English - According to Pakistan's state minister for foreign affairs, the country is "one step away" from being removed from a dirty money "grey list" after a global monitor suggested an on-site visit might lead to its removal.
Pakistan was remained on the list by the Financial Action Task Force (FATF) on Friday, although a visit to evaluate progress on combatting terrorism financing and money laundering might lead to its removal from the list of nations under greater scrutiny.
The financial crime watchdog, which was established by the Group of Seven industrial powers to defend the global financial system, said Islamabad had fulfilled the most of its two action plans, which covered 34 issues, as it sought to remove itself from the list, which it has been on since 2018.
"With God's help, Pakistan is one step closer to being removed from the grey list," the minister, Hina Rabbani Khar, said at a news conference in Islamabad.
An on-site inspection, according to the FATF, is required to ensure that reforms have begun and are being maintained, as well as that the essential political commitment is still in place.
Before the FATF's next plenary in October, Islamabad will prepare for the on-site inspection, according to Khar, who added that the FATF will visit and inspect all of Pakistan's anti-money laundering and anti-terrorism financing mechanisms and regulations.
She stated that Pakistan was confident in its ability to remove itself from the list, which would assist boost trust in the country's economic structure.
According to Saad Hashemy, executive director of BMA Capital Securities, exiting the grey list could improve foreign inflows, particularly portfolio and direct investment.
"We have not only reached the deadline, but we have exceeded it. We outperformed the schedule "According to the ministry. "I'm certain that if we stay on this course, we'll be able to get out of it and never have to go down this road again."
