ISLAMABAD – New development reported over Pakistan Financial Action TaskForce greylist case.
The Financial Action Task Force (FATF) would conduct the preliminary reviewof Pakistan’s action plan tomorrow (Saturday). As per media reports,Pakistan has already submitted to the FATF a detailed report on theimplemented measures.
The report comprises answers to 22 questions raised by FATF.
The report details Pakistan’s actions against groups listed by the UnitedNations as terrorist organisations.
Prepared by the representatives of the ministries of foreign affairs,interior, and finance, Securities and Exchange Commission of Pakistan(SECP), Financial Monitoring Unit, State Bank of Pakistan, National CounterTerrorism Authority (NACTA), Counter-Terrorism Department (CTD), FederalInvestigation Agency (FIA), and the Pakistan Army, the report noted thatcommon people who worked in the UN-listed terrorist groups were providedalternative employment, while the control of some 113 madrassas has beenhanded over to the federal government.
“The said madrassas are now working under the relevant assistantcommissioners, whereas the teachers and students in those institutions havebeen provided a two-year budget,” the report stated.
The report explained the progress of investigations into the sponsors andfacilitators of terrorist activities, as well as methodologies of the SBPand the FIA to stop terrorism-financing in future.
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It said that a process to halt hundi-hawala and currency smuggling has beenstarted. However, a system to regulate jewellery and real estatebusinesses, as well as lawyers’ fees from petitioners, could not be set up.
The FATF, consequent to Pakistan’s responses, would schedule a meeting inBeijing, China, on January 21 to prepare follow-up conditions. Should therebe any further questions from the money-laundering and terrorism financingwatchdog, Islamabad was obligated to respond before December 20.
However, a categorical decision to remove Pakistan from the FATF’s greylist would be taken during a February 2020 plenary review meeting in Paris,France.
Earlier, the FATF had asked 27 questions pertaining to Pakistan’s effortsto stop terrorism financing. Islamabad satisfied the body over five of them.
