ISLAMABAD – Pakistan is unlikely to be removed from FATF greylist, Indianmedia Report has surfaced citing sources.
Pakistan is certain to stay on the greylist when the next meet of FinancialAction Task Force or FATF, an official from FATF member countries told WIONon Wednesday, DNA has reported.
The grouping, which looks into money laundering and terrorism financingmeets from 16th to 21st June in Orlando, Florida.
During the meet, it will be discussing Pakistan’s listing and if thecountry has taken any action to combat terror financing.
FATF’s Asia-Pacific Group (APG) which met in China in mid may wasn’timpressed by Pakistan’s action on terror financing.
Islamabad was put on the greylisted last year which means the country comesunder financial jurisdiction with “structural deficiencies” in anti-moneylaundering (AML) and combating the financing of terrorism (CFT) or simply–supports the financing of terror.
In June 2018, Pakistan had made a high-level political commitment to workwith the FATF and Asia Pacific group to strengthen its AML/CFT regime andto address its strategic counter- terrorist financing-related deficiencies.
Being in FATF’s grey list has caused a loss of $10 billion to Islamabad andif Islamabad fails to take any concrete action on terror, it might be puton the blacklist.
The FATF in its February meet had come hard on Pakistan saying it has notdemonstrated a proper understanding of the Terror Financing risks posed by”Da’esh, AQ, JuD, FiF, LeT, JeM, HQN, and persons affiliated with theTaliban. ”
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The global terror financing watchdog Financial Action Task Force (FATF) hadcome hard on Pakistan on for not doing enough on terror financing. Thepresident of the anti-terror financing group, Marshall Billingslea has saidthat the multilateral group will hold Islamabad accountable if the countrydoes not fulfil its commitments.
Replying to WION’s question, is Pakistan serious on acting on terror, inbriefing post the week-long FATF plenary, Billingslea had said, “I haveengaged in my capacity as the President of FATF. I believe when they issuehigh-level commitment then they well understand what they were committingtoo.
As I have said we will hold them to it and we expect time table to be metand action plan to be fully implemented in line with FATF standards”.
A high-level delegation from the govt of Pakistan had attended the FATFplenary.
Pakistan was greylisted last year which means the country comes underfinancial jurisdiction with “structural deficiencies” in anti-moneylaundering (AML) and combating the financing of terrorism (CFT) or simplyput– supports financing of terror.
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