PARIS: Pakistan will remain on the gray list or the growing monitoring list of the Financial Action Task Force (FATF), the body’s president Dr Marcus Player announced on Thursday.
This development took place during the full press conference after the President.
The FATF has been holding a meeting in Paris since March 19 under the German presidency of Dr. Marcus Player, ending today, October 21.
It is noteworthy that Pakistan has been on the FATF’s growing monitoring list since June 2018.
According to the President, Pakistan has two coordinated action plans with a total of 34 action plan items. “Now he’s focused on 30 things, or addressed them extensively,” he said.
This is the latest action plan since June this year, which focused on reducing money laundering on a large scale when FATF’s regional partner APG (Asian Pacific Group) identified a number of serious issues.
He said Pakistan as a whole was making “good progress” on the new action plan, adding that four of the seven new items had been “addressed or largely addressed”.
This includes demonstrating that financial supervisors are inspecting non-financial sector businesses on-site and off-site and disabling legislative amendments to improve international co-operation, he said. ۔
Dr. Player also talked about Pakistan’s previous action plan, which is dated June 2018, and which focuses on terrorist financing issues. Estimated solution. “
He said Pakistan still needed to investigate and that trials were being held against senior leaders of UN-designated terrorist groups.
“I thank the Pakistani government for its continued strong commitment to this process.”
The FATF held a meeting in Paris that began on October 19 and will end today, October 21.
According to reports, the task force reviewed the Asia-Pacific Group’s report on Pakistan’s compliance with the watchdog’s set of action items.
It is noteworthy that Pakistan has been included in the FATF’s growing monitoring list, known as the Gray List, since June 2018.
Pakistan has met 26 of the 27 conditions set by the FATF, State Bank of Pakistan (SBP) Governor Raza Baqir said Wednesday.
He said that Pakistan would soon come out of the gray list.
The next review of Pakistan will be in February 2022.
The Finance Ministry issued a statement after the press conference, saying: “The FATF has acknowledged significant progress by Pakistan on both action plans.”
He emphasized that with regard to the 2021 Action Plan, Pakistan has completed four of the seven action plans. The statement said Pakistan had completed the four action plan items “well ahead of the FATF’s deadline”.
“Progress is being made on the remaining three action items and the goal is to complete the three action items ahead of the timeline set by the FATF,” the ministry said.
Action items completed include the Mutual Legal Aid Act, Amendment to 2020, Anti-Money Laundering (AML) / Counter-Terrorism Financing (CFT) Designated Non-Financial Businesses and Occupations (DNF) Supervision of BPs, including transparency of beneficial property information. And the imposition of targeted financial sanctions by DNFBPs to finance expansion.
The remaining action items in the 2021 Action Plan include investigation and prosecution of money laundering cases, confiscation of assets and UN listing.
The statement said that with regard to the 2018 Action Plan, Pakistan submitted a comprehensive progress report on the last remaining Action Plan item.
Following the remarks of the FATF President, the Ministry said that the FATF recognized Pakistan’s continued political commitment, which led to significant progress in a comprehensive CFT Action Plan and called on Pakistan to investigate and Encouraged to report further progress on prosecution.
“The full meeting has decided to maintain the status quo with regard to Pakistan,” it said.
The ministry said much work has already been done on the rest of the two action plans.
The statement said that the FATF would take a further look at Pakistan’s progress in February 2022.
He added that Pakistan is fully committed to completing both its action plans in collaboration with the FATF and its international partners.
“The high-level political commitment, which is driving its renewed AML / CFT government, is widely recognized by the international community,” the statement said.