Pakistan Placed On FATF "Grey List" With No Chances Of Being Put On "Blacklist" - Insight Trending

Pakistan Placed On FATF "Grey List" With No Chances Of Being Put On "Blacklist"

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Pakistan Placed On FATF "Grey List" With No Chances Of Being Put On "Blacklist"
Pakistan remains on the ‘grey list’ of the Financial Action Task Force (FATF), the global financial watchdog, after it formally embraced an ambitious 26-point action plan, though an official announcement to this effect has not been made yet.

The Foreign Office, meanwhile, ruled out that Islamabad could be ‘blacklisted’ by the FATF – an inter-governmental body established in 1989 to combat money laundering, terror financing and related threats.

In February 2018, the FATF approved the nomination of Pakistan for monitoring under its International Cooperation Review Group (ICRG), commonly known as ‘grey list’.

Subsequently, Pakistan was asked to chalk out a comprehensive plan to assuage the international body’s concerns or it could risk being blacklisted.

Islamabad presented the 26-point Action Plan to the 37-nation FATF Planery with the commitment to implement it over a period of 15 months to avoid being blacklisted.

The formal adoption of the plan means that the FATF formally placed Pakistan on the grey list. If it had rejected the plan, Islamabad would have been on FATF’s Public Statement, also called the ‘blacklist’.

After its placement on the ‘grey list’, Pakistan will be directly scrutinised by the financial watchdog until it is satisfied by the measures taken to curb terror financing and money laundering.

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

According to the Press Trust of India, official sources in the Foreign Office said that being placed officially on the ‘grey list’ was not a surprise for Pakistan.

“It is political decision and nothing to do with the performance of Pakistan against terrorism,” they said. They said Pakistan will stay on the list for a year or so and will eventually be out of it as has happened in the past.
The FATF Plenary session is under way in Paris where Pakistan is represented by Finance Minister Shamshad Akhtar. The body would make a formal decision on Friday, but the Foreign Office has ruled out the possibility of Pakistan being put on the ‘blacklist’.

“The negotiated Action Plan with the FATF will be implemented to address the international community’s concerns,” Foreign Office spokesperson Dr Muhammad Faisal told a weekly press briefing on Thursday.

The Action Plan envisages choking the financing of terrorist groups like Islamic State, also known by its Arabic acronym Da’ish, and the Haqqani network.
The plan that the International Cooperation Review Group (ICRG) of Asia Pacific Group (APG) submitted to the FATF Plenary also requires Pakistani authorities to proactively cooperate with counterpart agencies to choke financing to Da’ish, al Qaeda, Jamaatud Dawa and its affiliate FIF, LeT, JeM, Haqqani Network and persons affiliated with the Taliban.

Sources said the plan was quite ambitious and added that the country was committed to proving to the world that it was ready to go an extra mile to curb money laundering, despite its reservations that the plan was politically motivated.

“Pakistan will have to deliver on the first goal by January next year and complete all the 26 actions by September 2019,” sources explained.

(Source Tribune)

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