ISLAMABAD: Pakistan has submitted its compliance report on implementation of the remaining three key out of total 27 action plans to the global money laundering watchdog Financial Action Task Force (FATF) to come out of its grey list, official sources said on Thursday.
“We have submitted our compliance progress report on three remaining points out of total 27 action plans,” top official sources confirmed with The News.
“The face to face meeting for gauging Pakistan’s progress was scheduled during Eid holidays but now on our request its scheduled changed and now it would be held after Eid holidays.”
The FATF placed Pakistan into grey list of countries with deficiencies in anti-money laundering and combating of financing terrorism laws in June 2018 after giving 27 action plans for the country to come out from the list within one year.
Amid COVID-19, Pakistan was granted extension and now the fresh deadline is next month. Pakistan made progress on 24 points while on remaining 3 points Islamabad submitted its compliance for review in upcoming plenary FATF review meeting expected to take place in June.
to graduate from the grey list and in this regard face to face meeting is expected to be held after the Eid holidays.
Hammad Azhar, former minister for industries and production and now minister for energy will continue to act as the chairman of the National Coordination Group of anti-money laundering (AML) / combating of financing of terrorism (CFT), according to an official announcement.
“Pakistan has been making all out endeavors in achieving full compliance with Financial Action Task Force plan of action and the standards and safeguards set by FATF and Asian Pacific Group,” said an official statement.
Over the years, Pakistan has demonstrated significant progress, more work is required to mainstream FATF/APG safeguards across various sectors of the economy and national and sub national systems.
The FATF gauged Pakistan’s progress and stated that since June 2018, when Pakistan made a high-level political commitment to work with the FATF and APG to strengthen its AML/CFT regime and to address its strategic counter terrorist financing-related deficiencies, Pakistan’s continued political commitment has led to significant progress across a comprehensive CFT action plan, including by demonstrating that law enforcement agencies are identifying and investigating the widest range of TF activity, demonstrating enforcement against TFS violations, and working to prevent the raising and moving of funds including by controlling facilities and services owned or controlled by designated persons and entities.
“Pakistan should continue to work on implementing the three remaining items in its action plan to address its strategically important deficiencies, namely by demonstrating that TF investigations and prosecutions target persons and entities acting on behalf or at the direction of the designated persons or entities; demonstrating that TF prosecutions result in effective, proportionate and dissuasive sanctions; and demonstrating effective implementation of targeted financial sanctions against all 1267 and 1373 designated terrorists, specifically those acting for or on their behalf.” the FATF said.
The FATF takes note of the significant progress made on the entire action plan. To date, Pakistan has made progress across all action plan items and has now largely addressed 24 of the 27 action items. As all action plan deadlines have expired, the FATF strongly urges Pakistan to swiftly complete its full action plan before June.