Islamabad :
The global financial crime watchdog FATF will send its on-site mission to Pakistan sometime in September, a visit seen by diplomatic circles in Islamabad as the country’s exit from the FATF.
According to media reports, although the date of the mission’s visit to Islamabad is being decided by diplomatic sources, diplomatic circles believe that it will take place in early autumn.
At its plenary meeting in Berlin last month, the FATF had initially decided that Pakistan had substantially completed its two 34-item action plans.
It will now conduct a site visit to confirm that the implementation of Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) in Pakistan has begun and is ongoing. There is also political commitment to future implementation and improvement.
Diplomatic circles believe that Pakistan’s move from the gray list to the white list will help create a new harmony and international financial institutions will be able to help the government overcome the economic and financial crisis.
In its annual report for the year 2020-21, the FATF noted that Pakistan has made significant progress in strengthening counter-terrorism financing measures in line with its original action plan.
The FATF also worked with Pakistan to develop a new action plan, which includes demonstrating that financial supervisors conduct on-site and off-site checks on non-financial sector businesses and money-laundering investigations and prosecutions. Actions including offshore financing show an increase in cases.
The walkthrough by FATF will also pave the way for friendly countries, Pakistan will strengthen economic, trade and investment relations especially with Western European countries.
Pakistan is also keen to expand bilateral economic relations with the US and it is learned that the Biden administration has identified six key areas for Pakistan’s assistance, including trade, investment, energy, water, climate change and education. Sectors include:
On Friday, US Trade Representative Catherine Tai held a virtual meeting with Commerce Minister Syed Naveed Qamar from Washington in which issues of promoting Pakistan-US trade and investment relations were discussed.
According to data from the US Trade Bureau, Pakistan is currently the 56th largest trading partner of the US, with a bilateral trade of approximately $6.6 billion in 2019. Of this, US exports totaled $2.6 billion while imports stood at $3.9 billion, meaning the US was in a deficit of $1.3 billion.
America believes that there is no threat to food security in Pakistan.
However, it wants to explore new ways and means in research to help the country in the agricultural sector, especially to develop new varieties of major crops.
