ISLAMABAD – Responding to Pakistan being placed in greylist by FATF ealierthis week, India in a statement said, “India welcomes the decision of theFinancial Action Task Force (FATF) to place Pakistan in its ComplianceDocument (Grey list) for ICRG monitoring.”
India further said, ” Pakistan has given a high-level political commitmentto address the global concerns regarding its implementation of the FATFstandards for countering terror financing and anti-money laundering,especially in respect of UN-designated and internationally proscribedterror entities and individuals.
The freedom and impunity with which the designated terrorists like HafizSaed and entities like Jamaat-Ud-Dawaa, Lashkar-e-Tayabba, Jaish-e-Mohammedcontinue to operate in Pakistan is not in keeping with such commitments.”
India further said that it hopes,”FATF Action plan shall be complied within a time bound manner and credible measures would be taken by Pakistan toaddress global concerns related to terrorism emanating from any territoryunder its control.”
In a blow to Pakistan, the Financial Action Task Force has placed it onthe ‘grey list’ for failing to curb anti-terror financing despite Islamabadsubmitting a 26-point action plan and launching a concerted diplomaticeffort to avert the decision, officials said today.
The FATF is an inter-governmental body established in 1989 to combat moneylaundering, terrorist financing and other related threats to the integrityof the international financial system.
The announcement comes even after Pakistan submitted a comprehensive26-point action plan to the FATF to choke the funding of militants groups,including Mumbai attacks mastermind Hafiz Saeed-led JuD and its affiliates,to avoid being blacklisted by it. The placement on the grey list could hurtPakistan’s economy as well as its international standing.
Commenting on the development, Foreign Office spokesman Mohammad Faisalsaid the decision to place Pakistan on the grey list was taken in Februaryand there was nothing new. “In February 2018, during the FATF plenarysession in Paris, it was agreed that Pakistan will be included in the greylist in June 2018.
Therefore, what is being reported in media recently is nothing new,” hesaid. Faisal said that it was also agreed in February that an Action Planwould be negotiated between Pakistan and FATF members by June. “This hasbeen done. Pakistan will work towards effective implementation of theAction Plan, while staying in the grey list,” he said.
Pakistan remained on the FATF grey list from 2012 to 2015. On June 20, theSecurities and Exchange Commission of Pakistan issued Anti Money Launderingand Countering Financing of Terrorism Regulations 2018, in compliance withFATF recommendations.
On June 8, the National Security Committee (NSC) reaffirmed its commitmentto cooperate with the FATF. By January next year, Pakistan will publishupdated lists of persons and entities prescribed under the Anti-TerrorismAct and the UN-designated entities. Pakistan had tried hard to avoid beingadded to a list of countries deemed non-compliant with anti-moneylaundering and terrorist financing rules.