Monday, 29 November 2021

FATF decides to keep Pakistan on grey list

PARIS: Pakistan has been added to the grey list of countries involved in aiding financial assistance to terrorism money laundering after a Wednesday meeting of the Financial Action Task Force on Money Laundering (FATF) confirmed the decision.

Interim minister of finance, Dr Shamshad Akhtar, briefed FATF of the steps which Pakistan has taken to stem terror financing and money laundering and put up a strong case for not placing country’s name on grey-list.

Dr Akhtar was heading the Pakistani delegation, talked about the steps which have been taken against the banned outfits and various terrorist groups.

The Pakistani delegation’s case indicated that the nation has been working to curb financial assistance for terrorists, made existing laws better, and ensured improved implementation of the current regulations.

While speaking regarding about the issue, Azam Khan, the caretaker Minister of Interior Affairs, said the FATF was under pressure from the United States and India, both of which together also compelled Turkey, Saudi Arabia, and China.

Akhtar, who reached Paris on June 24 alongside officials of the Financial Monitoring Unit to fight the country’s case, had requested the FATF to remove Pakistan from its greylist as the body was to conduct a review.

Earlier in February, It was decided during a plenary meeting of FATF To place Pakistan on the global money-laundering watchdog’s grey list .

Then, as a result, the National Security Committee (NSC) on June 8 reaffirmed its commitment to cooperate with FATF.

A statement was issued after the NSC meeting, “The committee reaffirmed the commitment of the country to work with FATF and other international organisations in achieving common goals and shared objectives”

Moreover, Pakistan also took measures in keeping with FATF regulations. In this regard, on June 20, the Securities and Exchange Commission of Pakistan (SECP) issued ‘Anti Money Laundering and Countering Financing of Terrorism Regulations 2018’, following FATF’s recommendations.

In the past, from 2012 to 2015, Pakistan was placed on the FATF grey list .

Whereas, FATF is a global body that work against terrorist financing and money laundering.

Pakistan has been struggling in recent past to avoid being added to a list of countries deemed non-compliant with anti-money laundering and terrorist financing regulations by the FATF. Officials fear that the measure could hurt country’s economy.

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