- FATF recognises Pakistan’s counter-terrorism efforts however says the nation will stay underneath elevated monitoring
- Pakistan says progress on remaining 3 motion gadgets is effectively underway
- Finance ministry says Pakistan has undertaken monumental work to strengthen its anti-money laundering regime
ISLAMABAD: Pakistan on Thursday reaffirmed its dedication to proceed strengthening the AML/CFT regime consistent with international requirements and adjust to the FATF’s motion plan.
The assertion from the Ministry of Finance was issued after the Monetary Motion Job Pressure (FATF) appreciated Pakistan for the numerous progress made by the nation on the complete motion plan.
The plenary conferences of the worldwide watchdog have been held nearly from 22-25 February 2021, the place its members mentioned a variety of subjects referring to Pakistan’s progress.
Learn extra: Pakistan to stay on FATF’s gray checklist till June
Pakistan’s delegation within the FATF Plenary was led by Muhammad Hammad Azhar, the Chairman of the FATF Coordination Committee / Federal Minister for Industries and Manufacturing and attended by senior officers from the Ministry of Overseas Affairs, NACTA, the FMU, the Nationwide FATF Secretariat and different key stakeholders.
The ministry, in its assertion, mentioned that Pakistan has undertaken monumental work to strengthen its anti-money laundering regime and handle the strategic counter-terrorist financing associated deficiencies.
Along with the acknowledgement by the FATF in its plenary assertion the place it mentioned Pakistan has made important progress on the complete motion plan by addressing 24 out of the 27 gadgets within the motion plan, Pakistan has additionally made notable progress within the remaining 3 motion gadgets which additionally stand partially addressed.
“As of now, all the 10 action items pertaining to the financial sector and border controls have been addressed. In relation to Terrorism Financing (TF) investigations and prosecutions, 6 of the 8 action items have been addressed, whereas for targeted financial sanctions, 8 of the 9 action items also stand addressed,” the ministry mentioned.
It added that the progress on the remaining 3 motion gadgets is effectively underway with important progress made thus far.
Learn extra: What is the hold-up on the FATF?
Pakistan to stay on gray checklist till June
On Thursday, the FATF mentioned Pakistan will stay underneath “increased monitoring” on the subject of terror financing, due to this fact, it’ll stay on the gray checklist till June 2021.
Talking by way of a reside video hyperlink, the FATF President Dr Marcus Pleyer mentioned that whereas FATF recognises Pakistan’s counter-terrorism efforts, there are nonetheless some critical deficiencies that the nation wants to deal with.
“Out of the 27 conditions of the action plan, three still need to be addressed,” he mentioned. “I recognise Pakistan’s efforts, and out of the six tasks that it had to complete, three had been done, but it substantially needs to work on the remaining three in terms of terror financing.”
Pleyer confused that Pakistan should proceed to work on the gadgets that it has dedicated to and be sure that it meets all the necessities, including that FATF will as soon as once more overview Pakistan’s efforts in June 2021.
Replying to a query associated to terrorists’ prosecution in Pakistan, he mentioned that the physique is “not an investigative organisation,” and that it “does not look at single incidents but takes a look at the entire framework” [to decide a country’s status].
He mentioned that the chance of Pakistan being placed on the blacklist was nonetheless there, and that the nation should proceed to work on excellent motion factors to repair its monetary monitoring mechanisms.
“The deadline for Pakistan [to meet the 27 conditions] had expired, that is why the body had urged Pakistani authorities to ramp up their efforts in dealing with the items.”
Again in October 2020, the FATF had acknowledged that of the 27 situations that have been put forth to Pakistan, 21 had been fulfilled whereas six have been left.
At the moment, Dr Pleyer had mentioned that when the remaining six situations are fulfilled, an “on-site visit” can be authorized underneath which a group from the FATF will go to the nation for the following overview.
“Our discussions are confidential […] the members determined by consensus that Pakistan wants to finish these six gadgets for an onsite go to to be granted.