'Pakistan showed significant performance on exit of FATF grey list'

'Pakistan showed significant performance on exit of FATF grey list'

State Bank of Pakistan Raza Baqir says Pakistan has shown significant performance to exit the Financial Action Task Force (FATF) grey list.

Announcing an interest rate of 13.25%, Governor State Bank Raza Baqir said the central bank was doing everything possible to curb money laundering and terrorist financing.

He said that in the last two studies conducted in May and September, Pakistan had made significant progress in most of the 27 points taken by the FATF.

However, he said that the FATF is the final authority to decide whether this development is sufficient to exclude Pakistan from the grey list.

Governor SBP said that Pakistan would continue to do more in that direction.

He said that the State Bank is constantly playing a role in eliminating money laundering and terror financing which is in the interest of Pakistan.

It may be recalled that at the end of the FATF meeting in Paris last October, Task Force President Sheng Min Lu announced that Pakistan would be on the grey list for another four months.

According to the FATF statement, "Islamabad was directed to take further steps to eliminate money laundering and terrorist financing".

At the FATF meeting in Paris, it was decided that Pakistan's actions would be reviewed again in February 2020.

It was also told that the FATF would take action if it did not fully make effective and significant progress on its action until the next meeting.

A few days ago, an 18-member delegation led by Minister for Economic Affairs Hamad Azhar attended a 3-day meeting in Beijing with the Asia-Pacific Group (APG), affiliated with the Financial Action Task Force.

In this regard, an official said that members of the Joint Working Group appreciated Pakistan's efforts to make satisfactory progress on many points of the 27-point action plan.

He said the Joint Working Group would finalize its report by February 1 to send its report to all 39 member countries, which attended the FATF and Joint Working Group meeting in Paris between February 16 and 21.

In addition, Foreign Minister Shah Mehmood Qureshi had said that according to the Financial Action Task Force meeting, our actions have been appreciated according to the fact that Pakistan's name should come out of the grey list.

Referring to the FATF, he said, "All the political responsibility we had and the progress we had to make on the action plan, we put it in front of them and I am happy to say that Appreciated, everyone praised and said that in the last 10 months what has not happened in the last 10 years you have practically shown



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