BEIJING – Positive development reported from Financial Action Task Forcefor Pakistan.
The Financial Action Task Force’s (FATF) Working Group has expressedsatisfaction while reviewing Pakistan’s performance report from October2019 till January 2020 in compliance with the global illicit financingwatchdog’s action plan carrying 27 recommendations about the country’santi-money laundering and combating financing of terrorism (AML/CFT)mechanism.
The Pakistani delegation led by the Minister for Economic Affairs HammadAzhar presented the report in a meeting with the Working Group in Beijing,and explained measures taken and progress made by the country in stoppingfunding of terrorists and eradication of money laundering since Octoberlast year.
The delegation apprised the group about the implementation of 22 of theFATF’s recommendations in particular, and that a ban has been imposed onterrorist organisations together with amendments to the Anti-MoneyLaundering Act in the light of those recommendations. The FATF’s group wasinformed that penalties and sentences have been increased in the amendments.
Pakistan will be judged by an FATF plenary meeting in February on the basisof the Joint Group’s report for a possible exit from the ‘grey list’ or atleast avoiding an entry into the black list.
The group also reviewed answers given by Pakistan in a 650-page report tothe global financial watchdog, and it will be considered by the body’smeeting starting from Feb. 16 in Paris.
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The FATF had demanded Pakistan to convict those terrorists who had beenassociated with the banned outfits and also summoned copies of cases lodgedagainst the banned organisations.
Details were also sought about legal steps taken concerning religiousseminaries, action against money laundering, and transfer of funds, assetsand jewelry in the name of terrorists.
Pakistan had forwarded all required particulars to the FATF while notingthat investigations into 700 cases concerning transfer of funds tomilitants were ongoing.
The FATF had noted that since June 2018, when Pakistan made a high-levelpolitical commitment to work with the FATF and APG to strengthen itsAML/CFT regime and to address its strategic counter-terroristfinancing-related deficiencies, “Pakistan has made progress towardsimproving its AML/CFT regime, including the recent development of its ML/TFrisk assessment.”
