ISLAMABAD: The Financial Action Task Force (FATF) has issued action planfor Pakistan to implement it after putting the country on the grey list.
FATF has said that Pakistan has made a high-level political commitment towork with the global watchdog and Asia/Pacific Group on Money Laundering(APG) to strengthen its anti-money laundering (AML) and combating thefinancing of terrorism (CFT) regime.
Pakistan was added to the grey list of countries involved in providingmonetary assistance to terrorism during the meeting of FATF meeting inParis.
According to reports, Pakistan has committed to address its strategiccounter-terrorist financing-related deficiencies”.
According to the FATF statements, Pakistan will work to implement itsaction plan to accomplish these objectives, including by:
1) Demonstrating that terrorist financing risks are properly identified,assessed, and that supervision is applied on a risk-sensitive basis
2) Demonstrating that remedial actions and sanctions are applied in casesof AML/CFT violations, and that these actions have an effect on AML/CFTcompliance by financial institutions
3) Demonstrating that competent authorities are cooperating and takingaction to identify and take enforcement action against illegal money orvalue transfer services (MVTS)
4) Demonstrating that authorities are identifying cash couriers andenforcing controls on illicit movement of currency and understanding therisk of cash couriers being used for terrorist financing
5) Improving inter-agency coordination, including between provincial andfederal authorities, on combating terrorist financing risks
6) Demonstrating that law enforcement agencies (LEAs) are identifying andinvestigating the widest range of terrorist financing activity and thatterrorist financing investigations and prosecutions target designatedpersons and entities, and persons and entities acting on behalf or at thedirection of the designated persons or entities
7) Demonstrating that terrorist financing prosecutions result in effective,proportionate and dissuasive sanctions and enhancing the capacity andsupport for prosecutors and the judiciary
8) Demonstrating effective implementation of targeted financial sanctionsagainst all 1267 and 1373 designated terrorists and those acting for or ontheir behalf, including preventing the raising and moving of funds,identifying and freezing assets (movable and immovable), and prohibitingaccess to funds and financial services
9) Demonstrating enforcement against targeted financial sanctionsviolations including administrative and criminal penalties and provincialand federal authorities cooperating on enforcement cases
10) Demonstrating that facilities and services owned or controlled bydesignated persons are deprived of their resources and the usage of theresources.
On Thursday, the Foreign Office said Pakistan can be removed from the FATFgrey list of countries if adequate measures are taken.