Pakistan will remain on the gray list of the Financial Action Task Force (FATF) and has been asked to continue to prosecute and target senior leaders and commanders of UN-designated terrorist groups in the country.
In its latest investigation, the global terror-financing watchdog said that Pakistan has completed 26 of the 27 tasks of its 2018 action plan, but it will remain on the gray list for now.
The decision was taken at a FATF meeting (between June 21 and 25) convened to discuss the situation in Pakistan.
Speaking to India Today TV on the developments, FATF President Marcus Player said, “To get out of the gray list, Pakistan will not only have to adhere to a deficient item on the FATF action plan, but an additional six from Asia.” also have to be followed- Pacific Subgroup.” (Six items are listed at the end of this report.)
For a long time, FATF has been asking Pakistan to comply with international standards and regulations on money laundering, terror financing and other such illegal activities.
However, despite several rounds of investigation, its performance has not been found satisfactory.
Pakistan has been on the FATF gray list since June 2018.
to stay in pakistan #FATF Gray List!
Pakistan has now completed
26 of the 27 work items in its 2018 action plan.
The FATF encourages Pakistan to prosecute and target senior leaders and commanders of terrorist groups designated by the United Nations.— Geeta Mohan (@Geeta_Mohan) June 25, 2021
in February, Global terror financing watchdog retains Pakistan on “grey list” It took until June, after concluding that Islamabad had failed to address its strategically important shortcomings, to fully implement the 27-point action plan it had drawn up for the FATF.
Why is Pakistan still in the gray list of FATF?
The lack of prosecution and action against a UN-designated terrorist is the primary reason why Pakistan remains on the FATF gray list.
“Pakistan’s continued political commitment has led to significant progress in a comprehensive action plan. The FATF recognizes Pakistan’s progress and efforts to address these action plan items,” the FATF said.
It added that it notes that since February 2021, Pakistan has made “progress” to meet two of the three remaining action items, to demonstrate that terror-financing is effective for convicts. , proportionate and regressive sanctions have been imposed, and that Pakistan’s targeted financial sanctions regime was being used effectively to target terrorist assets.
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The global terror-funding watchdog said it “encourages Pakistan” to continue to make progress in addressing an item related to the CFT as soon as possible, indicating that terror-finding investigations and prosecutions are designated by the United Nations. Terrorists target senior leaders and commanders of groups. .
Pakistan has been asked to work
Keeping Pakistan on the gray list, the FATF has to work to address the following:
- Increasing international cooperation by amending money laundering laws
- Indicates that foreign assistance is being sought in the implementation of UNSCR 1373 designations
- Demonstrate that supervisors are conducting on-site and off-site supervision commensurate with the specific risks associated with DNFBPs (Designated Non-Financial Businesses and Professions), including applying appropriate restrictions when necessary.
- Demonstrates that proportionate and unfavorable restrictions are consistently applied to the legal system for all legal persons and non-compliance with beneficial ownership requirements
- Demonstrate an increase in money-laundering investigations and prosecutions, and that proceeds of crime continue to be restricted and confiscated in line with Pakistan’s risk profile, including dealing with foreign counterparties, locating, freezing and confiscation of assets includes doing.
- This indicates that the DNFBP is being monitored for compliance with proliferation financing requirements and sanctions are being imposed for non-compliance.
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