Thursday, 20 January 2022

Pakistan to Remain in FATF grey list

Pakistan to Remain in FATF grey list

On Thursday, the Financial Action Task Force (FATF) to stay Pakistan in its grey list and urged the country to investigate and summons commanders and senior leaders of UN-designated terror groups involved in terror funding.

Marcus Pleyer, FATF president, said after a three-day plenary meeting of the multilateral watchdog that Jordan, Mali, and Turkey have been adding to the list of countries under increased monitoring or grey list.

Because of severe issues in their regimes to counter money laundering and terror financing.

FATF also shows “concern about the current and terrorist financing risk environment and evolving money laundering” in the war country following the Taliban takeover of Afghanistan.

Pleyer told an online news briefing.

“Pakistan remains under increased monitored,”

He said.

“Pakistan has taken a number of key steps but needs to further demonstrate that prosecutions and investigations are being pursued against the senior leadership of UN-designated terror group,”

Pakistan was added to a grey list in 2018 and given a 27-point action plan by FATF to control terror financing and money laundering. In June this year, FATF said Pakistan would execute another seven-point action plan to address severe shortages related to the money laundering issue.

Pleyer said “largely addressed oraddressed” 30 out of the 34 items in the two action ideas to Pakistan. He said the country made “fine progress” on the 2021 action idea by tackling four things, including ensuring international cooperation and enacting legislative amendments to checks on businesses.

But Pleyer insisted Pakistan must deliver on a remaining item in the 2018 action plan by demonstrating that its investigations and prosecutions target commanders and senior leaders of UN-designated groups. He brushed aside some questions from Pakistani journalists that FATF’s actions were political and said that the watchdog had made all decisions within a technical framework following voting by the members of an organization.

Pakistan to Remain in FATF grey list 1pixabay image

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FATF said that Pakistan made remarkable progress in addressing its

“strategic counter-terrorist financing-related insufficiency.”

The statement added:

“Pakistan should continue to work as direction its other strategically important CFT/AML deficiencies, namely by providing evidence that it actively seeks to enhance the effect of sanction beyond its jurisdiction by nominated additional individuals and entities for designation at the UN;

Demonstrating prosecutions and ML investigations and that proceeds of crime continue to be controlled and impound in line with Pakistan’s risks profile, including working with foreign counterpart to freeze, trace, and seize assets.”

In a separate statement on the issue of Afghanistan, FATF said the watchdogs,

“as the global standard setting body for counter-terrorist and anti-money laundering funding, expresses its concern about the current and evolving money laundering and terrorist financing risk environment in the country.”

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