FATF Keeps Pakistan On Grey List Till June

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FATF President Dr Marcus Pleyer announced that Pakistan will remain under increased monitoring of the watchdog. — Screengrab

PARIS (French): Global money-laundering watchdog the Financial Action Task Force (FATF) yesterday decided to keep Pakistan on its terrorism financing Grey List.

In an online press briefing from Paris, FATF President Marcus Pleyer said, “Islamabad had made progress, but was yet to complete its action plan to overcome deficiencies in its combating of money laundering and terrorism financing.”

“Three out of 27 [points] need to be fully addressed,” he said, referring to the action plan agreed to by Pakistan.

Once Pakistan completes three unfulfilled tasks, the FATF will verify and take a decision on Islamabad’s present status in the June plenary. The deadline given to Pakistan has already expired and it asked the country to address tasks as quickly as possible.

FATF said that Islamabad should demonstrate effective implementation of targeted financial sanctions against all the designated terrorists. It said that Pakistan must demonstrate in taking action against UN-designated terrorists and their associates. FATF also said that Pakistan courts must give effective, decisive and proportionate punishment to those involved in terrorism. It also said that Pakistan must have an effective system to deal with terror financing.

The FATF is an inter-governmental body set up in 1989 to combat money laundering, terror financing and other related threats to the international financial system. Currently, it has 39 members. Pakistan has been on the Grey list since June 2018.

In its plenary held in October last year, the FATF had kept Pakistan on the Grey list citing its failure to fulfil six out of 27 obligations of the global money laundering and terrorist financing watchdog.

Meanwhile, a note on the FATF website said Pakistan “should continue to work on implementing the three remaining items in its action plan to address its strategically important deficiencies”, namely by:

  • 1) demonstrating that TF (terrorism financing) investigations and prosecutions target persons and entities acting on behalf or at the direction of the designated persons or entities;
  • 2) demonstrating that TF prosecutions result in effective, proportionate and dissuasive sanctions; and
  • 3) demonstrating effective implementation of targeted financial sanctions against all 1267 and 1373 designated terrorists, specifically those acting for or on their behalf.

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