Thursday, April 22, 2021

FATF Asks Pakistan To “Do More” To Avoid Being Blacklisted

Disappointed with Pakistan’s efforts to combat terror financing, FATF delegation (Financial Action Task Force) has asked Islamabad it to do more to strengthen its legal framework if it wants to evade being blacklisted by FATF – the anti-money laundering watchdog.

Currently placed on the FATF’S ‘grey list’, Pakistan has been struggling in recent months to avoid being added to a list of countries deemed non-compliant with anti-money laundering and terrorist financing regulations by the FATF, an action that could further hurt its economy.

The second team of experts from the FATF arrived over the weekend to review the progress made by Pakistan on an action plan agreed in June to address global concerns. According to Pakistan paper, Dawn, the FATF delegation was not impressed with the progress made by Pakistan so far as it found the legal framework insufficient.

According to sources, the delegation feared that the setup installed for scrutinising the activities of non-profit organisations, brokerage houses, exchange companies and donations of corporate entities – registered under the companies act – was not robust enough.

The purpose of the mutual evaluation visit is to assess the effectiveness of Pakistan’s Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) regime under FATF methodology.

The visiting team included Ian Collins of the United Kingdom’s Scotland Yard, James Prussing of the United States Department of the Treasury, Ashraf Abdullah of the Financial Intelligence Unit of the Maldives, Bobby Wahyu Hernawan of the Indonesian Ministry of Finance, Gong Jingyan of the Peoples Bank of China and Mustafa Necmeddin Oztop of the Turkish Ministry of Justice.

Earlier in August, the FATF officials identified a series of deficiencies in Pakistan’s AML/CFT mechanisms. By the end of September next year, Pakistan must comply with the 10-point action plan of the FATF or else it will fall into the blacklist.

More News at EurAsian Times

Featured News

Why ASEAN Bloc Has Not Been Able To Counter Beijing’s Aggression In The South China Sea

The longer a problem persists the harder it is to resolve. This is exactly what is happening with the decades-old South China Sea dispute,...

China’s J-20 Fighter Jet Can Surpass The US F-22 Raptor With One Small Upgrade — Chinese Expert

The ‘fifth-generation J-20 fighter jet of the Chinese PLA Air Force may be upgraded with two-dimensional thrust vectoring control (TVC) nozzles for its engines...

Unreliable Ally: Should US Withdrawal From Afghanistan Be A ‘Wake-Up Call’ For All Major Non- NATO Allies (MNNA)?

US President Joe Biden’s announcement that all American troops will withdraw from Afghanistan by the 20th anniversary of the 9/11 terror attacks, thus ending...

Why Is India Not On The Same Page With Its ‘Democratic Allies’ On Myanmar’s Military Regime?

Days after condemning the ongoing violence in Myanmar at the United Nations, India has again changed its tone with regard to the country's military...

China, Russia Or Aliens: Why Is There A Sudden Surge In UFO Sightings Over US Military Bases?

The sudden surge in the "UFO" sightings over US military bases and naval assets may be attributed to deliberate incursions by enemy spy drones. Defense...