Pakistan under Radar FATF

FATF’s plenary meeting from October 21-23, the EU had expressed dissatisfaction with Pakistan’s progress on FATF compliance during its last strategic dialogue with Pakistan on October 7.

Not only that, it had opposed Pakistan’s exit from the grey list.

Important member states of the EU alliance, such as Belgium, Germany, UK and the Netherlands, took a hard stance against Pakistan, which reflects in the policy of the Union.

The EU reviewed the progress made by Pakistan on the FATF’s recommendations and urged the country to fight terrorism, money laundering and financial terrorism — areas which comprise the remaining six conditions the country must comply with.

Speaking to this correspondent, an EU official said that the Union does not consider Pakistan to have fulfilled the requirements of the FATF.

Pakistan to remain on grey list of global anti-terror financing watchdog FATF

Pakistan will remain on the grey list of global anti-terror financing watchdog, Financial Action Task Force, FATF as it has not been able to fulfil six out of the 27 mandates to check terror funding. The decision was announced by the President of FATF Marcus Pleyer.

The FATF strongly urged Pakistan to swiftly complete its full action plan by February 2021. It said, Pakistan needs to do more to check terror funding, adding that the 6 items which Pakistan is yet to address are serious deficiencies.

The implementation plan to curb money laundering and terror financing was supposed to be put in place by the end of 2019. However, the dead line was extended in the wake of COVID pandemic.

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. It currently has 39 members. 

These include two regional organizations- the European Commission and Gulf Cooperation Council.

Published by Naresh Sagar

Mentor MSME, Motivator, Media Event Org, Management fiscal & Water management.Social Media branding,Internet broadcasters,Propunder of Indian Philosophy

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