Pakistan will remain in FATF’s ‘Grey List’, further decision after on-site verification
The Financial Action Task Force (FATF) on Friday said it has retained Pakistan on its terror funding ‘grey list’, adding that a further decision will be taken after the financial watchdog visits Pakistan.
The FATF said the country had “substantially completed its two action plans”. Since 2018, when Pakistan made a high-level political commitment to work with the FATF, the watchdog said the country has continued its political commitment to combating both the financing of terrorism and money laundering. As a result, the move resulted in significant progress.
“In particular, Pakistan demonstrated that terrorism financing investigations and prosecutions target senior leaders and commanders of UN-designated terrorist groups and that there is a positive increase in the number of money laundering investigations and prosecutions in Pakistan commensurate with Pakistan’s risk In addition, Pakistan also comprehensively addressed its 2021 action plan ahead of schedule,” the FATF said.
Will be removed from gray list if…
FATF President Dr Marcus Pleier had said that the country is not being removed from the gray list today, but will be removed if the on-site verification is successful.
“I am happy to say that they [Pakistan] NIC has now comprehensively addressed all 34 work items through its combined two action plans. Pakistan is not being removed from the gray list today. The country will be taken off the list if it successfully travels to the site,” said Dr Pleier.
Imran Khan takes credit
Deposed Prime Minister Imran Khan said on Twitter that Pakistan was nominated for graylisting by the FATF in February 2018 and was to complete the most challenging action plan ever given to any jurisdiction.
The former PM said, “I set up a FATF Coordination Committee under the chairmanship of Prime Minister Hammad Azhar. The committee had representations from all government departments and security agencies related to our FATF action plan. The officials tried to escape the day at first. -Worked overnight. Blacklisting.”
Why was Pakistan put in the ‘Grey List’?
Pakistan was put on the gray list in early 2018 after the FATF countered several strategic Anti-Money Laundering (AML)/Financing of Terrorism (CFT) deficiencies in the country’s system.
The FATF then gave Pakistan an action plan to achieve the 10 objectives. And Global Watchdog identified that 26 of the 27 action items in the 2018 plan were carried out by Pakistan. However, a surviving agenda was about continuing to demonstrate that terrorism financing investigations and prosecutions targeted senior leaders and commanders of UN designated terrorist groups.
Despite not being put on the high risk ‘black list’, FATF President Marcus Player said, “Pakistan has taken several important steps, but needs to further demonstrate that the senior leadership of UN-designated terrorist groups has Investigation and prosecution is going on against him.”
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