Pakistan is one step away from exiting a dirty money "grey list" after the global financial crime watchdog said an on-site visit could lead to the South Asian nation's removal, a minister said on Saturday.
The Financial Action Task Force kept Pakistan on the list at its meeting in Berlin on Friday but said a visit to verify progress on countering financing of terrorism and money laundering could lead to its removal from countries under increased monitoring.
The watchdog, set up by the Group of Seven industrial powers to protect the global financial system, said Islamabad had substantially completed its two action plans, covering 34 items, as it seeks to be taken off the list where it has been since 2018.
"Pakistan is one step away from exiting the grey list," Hina Rabbani Khar, the Minister of State for Foreign Affairs, told a news conference in Islamabad after returning from the FATF meeting.
She said the country was confident of getting off the list, which would help build confidence in its economic framework.
"We have not only met the timeline, we have outperformed," Ms Khar said.
"I'm very confident that if we remain on the same trajectory, we will get out of it, and will never return on this path again."
Leaving the grey list could increase foreign inflows to Pakistan, specifically portfolio and direct investment, said Saad Hashemy, executive director at BMA Capital Securities.
The FATF said an on-site visit was warranted to verify that reforms had begun and were being sustained, as well as that the necessary political commitment remained in place.
Ms Khar said the FATF would inspect all the measures and legislation Pakistan has introduced on money laundering and terrorism financing.
Recent winners
2002 Giselle Khoury (Colombia)
2004 Nathalie Nasralla (France)
2005 Catherine Abboud (Oceania)
2007 Grace Bijjani (Mexico)
2008 Carina El-Keddissi (Brazil)
2009 Sara Mansour (Brazil)
2010 Daniella Rahme (Australia)
2011 Maria Farah (Canada)
2012 Cynthia Moukarzel (Kuwait)
2013 Layla Yarak (Australia)
2014 Lia Saad (UAE)
2015 Cynthia Farah (Australia)
2016 Yosmely Massaad (Venezuela)
2017 Dima Safi (Ivory Coast)
2018 Rachel Younan (Australia)
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Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
