FATF retains Pakistan on gray checklist regardless of ‘100% compliance’

The Financial Action Task Force (FATF) on Thursday retained Pakistan on its gray checklist regardless of the nation ‘meeting all the 27 points’ proposed by the worldwide anti-money laundering watchdog.

“Pakistan remains under increased monitoring. The Pakistani government has two concurrent action plans with a total of 34 action items,” FATF President Dr Marcus Pleyer stated whereas addressing the media following the assembly.

He stated Pakistan has “addressed or largely addressed” 30 of the 34 objects of the FATF motion plan to curb cash laundering and terror financing.

The FATF president stated that earlier this yr in June new motion plan was issued to Pakistan after the Asia Pacific Group (AGP) recognized various critical points.

“Overall Pakistan is making good progress on this new action plan four of the seven action items are addressed or largely addressed,” he added.

Regarding the 2018 motion plan specializing in the phobia financing concern, the FATF president stated Pakistan has taken various necessary steps but it surely must additional show that investigation and prosecution have been pursued towards the senior management of UN-designated terror teams.

“I thank the Pakistani government for their continued strong commitment to this process.”

Also learn: FATF critiques Pakistan’s 100% compliance report

The choice got here following the digital assembly of the FATF Plenary attended by delegates representing 205 members of the Global Network and observer organisations together with the International Monetary Fund, the United Nations and the Egmont Group of Financial Intelligence Units.

Pakistan had been positioned on the FATF gray checklist with impact from June 2018 and was requested to implement a 27-point motion plan to exit the gray checklist.

In June this yr, the FATF retained Pakistan on its gray checklist regardless of the nation assembly 26 of the 27 circumstances and handed it over a brand new six-point motion plan, retaining Islamabad uncovered to world strain ways.

However, the FATF famous that Pakistan had accomplished all however one of many 27 objects within the motion plan and it had determined to maintain it beneath “increased monitoring”.

Pakistan applied all of the 27 factors proposed by the FATF, after which there remained no justification for the worldwide watchdog to proceed retaining the nation in its gray checklist, sources within the finance ministry stated on Wednesday.

Pakistan’s agenda was accomplished on Wednesday through the ongoing three-day FATF assembly in Paris. The assembly reviewed the progress made by Pakistan on measures towards cash laundering and terror financing, the sources added.

Speaking concerning the progress report, the sources stated that about 150 individuals had been convicted in cash laundering instances, whereas Pakistan had overcome the terrorism financing concern. Besides, there had not been any main terrorist incidents within the nation for fairly a while.

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