ISLAMABAD: Pakistan makes important development over the Financial ActionTask Force FATF grey list.
Pakistan has expedited efforts to come out of the grey list as the countrysubmitted a report of its final quarter of the year to the Financial ActionTask Force (FATF).
The Paris-based FATF will make an initial review of the implementationreport submitted by Pakistan on December 7 for its action plan foruprooting money laundering and terror financing.
Sources said that Islamabad has submitted a detailed report over theimplementation of FATF action plan which would highlight the solid stepstaken by the government for anti-money laundering and terror financing.
The report provided details to the international body regarding theinvestigation into more than 700 cases of terror financing and actionstaken against dozens of persons involved in providing financial assistanceto the banned outfits. The government has also tightened the noose aroundthe persons who were funding terrorists, sources added.
The assets of outlawed organisations had been taken into the custody of thegovernment and further investigation is underway against the owners of theexpensive properties, the report said.
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Sources said that the international body will send a questionnaire to thePakistani authorities after reviewing the implementation report, which willbe presented in the upcoming meeting of FATF for debate in the next month,sources said.
On October 18, while acknowledging the country’s recent improvements,Financial Action Task Force (FATF) had formally announced that Pakistanwill remain on its grey list till February 2020link.
The global watchdog while recognizing Pakistan’s progress towards moneylaundering and terror financing, said: “The FATF strongly urges Pakistan toswiftly complete its full action plan by February 2020.”
“Otherwise, should significant and sustainable progress not be made acrossthe full range of its action plan by the next Plenary, the FATF will takeaction,” the statement cautioned.
