Pak fails to effectively implement the global FATF standards, to stay on grey list

YB WEB DESK. Dated: 6/26/2021 11:30:43 AM

Paris, June 25 Pakistan will continue to remain on the Financial Action Task Force’s (FATF) ‘grey list’ for failing to effectively implement the global FATF standards and over its lack of progress on investigation and prosecution of senior leaders and commanders of UN-designated terror groups. Announcing the decision at a virtual press conference five-day plenary meeting, FATF President Dr Marcus Pleyer said Pakistan will remain on the grey list till it addresses all items on the original action plan agreed to in June 2018 as well as all items on a parallel action plan handed out by the watchdog’s regional partner – the Asia Pacific Group (APG) – in 2019. Pleyer noted that “Pakistan has made significant progress and it has largely addressed 26 out of 27 items on the action plan it first committed to in June 2018.” He, however, added that the item on financial terrorism”> terrorism still needed to be addressed which concerned the “investigation and prosecution of senior leaders and commanders of UN-designated terror groups”. He also pointed out that “a separate process has been taking place over the past few years” insofar as Pakistan was concerned. Pakistan has been on the FATF’s grey list for deficiencies in its counterterror financing and antimoney laundering regimes since June 2018. “Back in 2019, FATF regional partner, the Asia Pacific Group (APG), identified a number of serious issues during its assessment of Pakistan’s entire anti-money laundering and counter-terrorist financing system. Since then Pakistan has made improvements. This includes clear efforts to raise awareness in the private sector to money laundering risks and to develop and use financial intelligence to build cases,” he said. But, he said, Pakistan was still “failing to effectively implement the global FATF standards” across a number of areas. The FATF president asserted that the risks of money laundering remain high which in turn can fuel corruption and organised crime. The virtual meeting of the FATF plenary took place under the presidency of Dr Marcus Pleyer.

 

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