Paris: The results of the 5-day meeting of the Financial Action Task Force (FATF) will be announced today. The FATF meeting in Paris continued for five days, attended by more than 200 delegates. It should be noted that an official statement will be issued today (Friday), following the completion of the FATF meeting which held from February 16 to 21, The decision on the 5-day meeting of the Financial Action Task Force will be announced today, which will include a decision on the gray list of Pakistan, Mongolia and Iceland.
FATF says Pakistan is following fast action plan. According to the report, sources informed from Paris that Pakistan has improved performance with regard to the action plan. Actions of Pakistans waere appreciated in the Working Group meeting, but all members except a few friendly countries demanded full implementation of the action plan.
The Pakistani delegation is headed by the Minister of Revenue, Revenue Hamad Azhar at the FATF meeting, Sources said that more than half of the 27-point plan was implemented by Pakistan in its entirety or almost to its completion. The FATF has suggested to Pakistan that it will continue to implement the Action Plan and remove the ‘strategic flaws’ by fully implementing it by June 2020 otherwise it will be blacklisted.
It is to be noted that there were two meetings at the Federal Board of Revenue (FBR), the National Counter Terrorism Authority (NECTA) and the Interior Ministry on Wednesday and Thursday in order to speed up compliance with the remaining targets and the compliance strategy was Provided to Pakistani delegation in Paris.
Sources said that meetings are being convened in the Security Exchange Commission of Pakistan (SECP) and State Bank of Pakistan (SBP) in the coming weeks to expedite implementation of the remaining points under the aforementioned action plan. It should be recalled that the FATF Planary Group put Pakistan Grey list in the June 2018 due to ‘strategic flaws’ in the process of preventing anti-money laundering / terrorist financing.
The move was supported by many European countries besides India, the US and the UK. After that, Pakistan promised to maximize implementation of the 27-point action plan provided by the FATF but failed to implement it for a fixed period. In addition, by June this year, Pakistan has finalized major amendments to nearly a dozen laws to meet FATF conditions.
It will also set legislative goals to upgrade 12 to 13 more laws and by-laws, so that the entire legal framework can be complied with FATF standards. Financial Action Task Force , The members of the Financial Action Task Force are 37, including the US, UK, China, India and Turkey, 25 countries, the Gulf Cooperation Council and the European Commission.
The organization’s primary responsibilities are to take steps to prevent global money laundering and terrorist financing. The inclusion of Pakistan’s name in the global watch list will undergo rigorous oversight of global aid, loans and investments, which will affect foreign investment and adversely affect the country’s economy. It should be noted that from 2012 to 2015, Pakistan was also on the FATF Watch List.
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28 March, 2020