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FATF grey list: Announcement on Pakistan status expected at 7pm

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  • Islamabad needs votes of Turkey, China, and Malaysia to get off FATF grey list.
  • All three countries have assured Pakistan of full support.
  • Hina Rabbani Khar leading Pakistani delegation at FATF meeting.

All eyes are on the Financial Action Task Force’s (FATF) plenary meeting concluding today (Friday), with Pakistan having high hopes to secure an ‘onsite visit’ which may lead Islamabad a step closer to get out of the grey list.

Minister of State for Foreign Affairs Hina Rabbani Khar Friday advised against prejudging and speculative reporting on the FATF meeting’s outcome.

Taking to Twitter, the minister said that the plenary meetings are underway and the FATF will issue a public statement after concluding the meetings tonight.

She further stated that the government has arranged a media briefing at the Ministry of Foreign Affairs on Saturday.

“The FATF Plenary Meetings are continuing in Berlin. FATF will issue a Public Statement after conclusion of the meetings tonight. Prejudging the outcome or speculative reporting could and should be avoided. Government of Pakistan has arranged a media briefing at MOFA on Saturday morning on this issue,” Khar wrote.

He said that the consent and consolation of other countries in the meeting is also significant.

However, he said that matters will take seven to eight months to settle even if Pakistan makes its way out of the watch list as the FATF team will visit Pakistan for an inspection.

Sources said that the FATF had directed Pakistan to fulfil 34 conditions in two stages, which Pakistan accomplished. The country fulfilled 32 out of 34 conditions in the last FATF meeting and completed the remaining two in this meeting.

They said that the final decision could be delayed till the next FATF meeting scheduled to take place in Paris in October.

Pakistan had launched a massive diplomatic effort to get off the FATF grey list. Khar, who is also the chair of Pakistan’s National FATF Coordination Committee, is leading the Pakistan delegation at the plenary meeting that started on June 14.

Pakistan needs the votes of Turkey, China, and Malaysia to get off the list, and all three countries have assured the Pakistani authorities of full support. That’s why there are now bright chances that Pakistan may finally exit the FATF grey list after its current meeting being held in Berlin, Germany.

Germany, the US, and other countries have also expressed partial support for Pakistan’s demand for exclusion from the FATF grey list.

According to sources, during the recent visits of Prime Minister Shehbaz Sharif, Foreign Minister Bilawal Bhutto Zardari and Minister of State for Foreign Affairs Hina Rabbani Khar to different countries, important discussions took place regarding FATF. In all these meetings, a soft attitude towards Pakistan was expressed by important countries.

Pakistan has implemented almost all points of the FATF Action Plan, except for the penalties, and Pakistan has made prosecutions and all relevant legal amendments.

Pakistan was placed on the FATF list of countries under increased monitoring in June, 2018. 

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Minutes after taking off from Lahore airport, a private airline plane was “hit by a bird.”

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Details show that an aircraft from Lahore to Karachi took off from the airport in Lahore, but it made a problematic landing a few seconds later.

The aircraft carrying 180 passengers was successfully landed at the Lahore airport by the pilot. They have moved the passengers of the impacted flight to the airport lounge.

Bird strikes on aircraft have been documented occasionally at the nation’s airports, yet the problem persists in spite of the CAA’s assertions.

In the first 11 months of 2022, birds struck at least 57 Pakistan International Airlines (PIA) aircraft.

Details indicate that PIA published a report on aircraft struck by birds in 2022.

53 bird-hit instances were documented between January and October, and four incidents were logged in November, the study states. The airport in Lahore International was the site of most of the incidents.

According to the research, five of the 57 PIA aircraft were damaged in 2022 due to bird collisions, but the aircraft were spared significant damage in 59 instances.

In addition, the birds struck twelve PIA planes during approach, eight during takeoff, and 21 after landing.

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Deputy Prime Minister to Represent Pakistan at CHOGM in Samoa in 2024

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Senator Muhammad Ishaq Dar, the deputy prime minister and foreign minister, will lead Pakistan’s delegation to the Commonwealth Heads of Government meeting in Samoa.

Pakistan’s views on major global issues and concerns will be discussed at the conference by the Deputy Prime Minister, who will concentrate on climate change, economic growth, and enhancing international collaboration within the Commonwealth.

His keynote speech at the Commonwealth Business Forum on “Transforming Our Workforce” will focus on Pakistan’s focus on digital transformation, skill development, and youth empowerment.

He will converse with the heads of delegation from other Commonwealth nations as well.

Mumtaz Zahra Baloch, the spokesperson for the Foreign Office, said in a statement that Pakistan’s attendance at CHOGM 2024 is a reflection of its ongoing dedication to the Commonwealth and its ties with tiny island pacific nations.

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China Contributes 43 New Foreign Firms to the 6% Growth in SECP Registrations

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The Securities and Exchange Commission of Pakistan has registered 2,617 new firms this year, a 6% increase from 2023, with assistance from the Special Investment Facilitation Council. This increases the overall number of businesses that are registered to 231,111.

Non-profits, trade associations, and public unlisted firms make up 4% of these, while private limited corporations make up 55% and single-member companies 41%. It is noteworthy that 99.8% of the registrations were done online, demonstrating SECP’s attempts to digitise.

Real estate has 237 new businesses, services has 306, and trade has 377 new businesses. These are the main sectors exhibiting growth. While the healthcare and textile industries each had 49 new businesses, the education sector saw 101.

China contributed the most, adding 43 new companies, out of the 61 new companies that were registered as a result of foreign investment.

These recently registered businesses are anticipated to decrease imports, increase domestic production, and contribute to closing the trade deficit.

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