Thursday, 30 March 2023

FATF retains Pakistan on grey list

Anti-money laundering watchdog also gives another six-point action plan to Islamabad.

The Financial Action Task Force (FATF) has retained to Pakistan on its grey list while admitting that the Pakistan has fully implemented 26 out of 27 points of its Financial action plan.

The anti-money laundering supervisor has also given another six-point action plan relating to the Mutual Evaluation Report (MER) Process to Pakistan.

“Pakistan remains under increased monitoring, the Pakistani government has made substantial progress, making its counter terrorism financing system stronger and more effective,” FATF President Dr Marcus Pleyer said while attending a press conference after a five-day online meeting of the FATF body in Paris.

He admitted that Pakistan has done compliance 26 of 27 points on FATF’s action plan. “However, one key item still needs to be completed which relates to the investigation and prosecution of senior commanders and leaders of UN designated terror groups,” the FATF chief further said.

He said Pakistan is still failing to effectively implement number of steps to effectively lodge the practices of money laundering.

“This means risks of money laundering remain high which in turn can fuel corruption and organized crime.”

The anti-money laundering body chief informed that FATF has worked out a new financial action plan for Pakistan. That broadly emphasis on money laundering risks.

“This includes increasing the number of prosecutions and investigations. It also makes sure that law enforcement agencies cooperate internationally to trace, freeze and confiscate assets.”

“I want to thank Pakistani government for their continued strong commitment to this process. Pakistan has already made substantial progress since the APG report first identified the issues,” he further added.

Federal Minister for Energy Hammad Azhar and DG FATF , DG NACTA and DG MOFA addressing press conference #Islamabad@Hammad_Azhar on FATF matter.

tax accounting services top tax consultants lahore pakistan

FATF | Financial Action Task Force | Pakistan | Grey List | Anti Money Laundering | Corruption |

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