fatf: FATF to assess Pakistan on money laundering and terrorist financing – Times of India


PARIS: Financial Action Task Force (FATF), a global watchdog tasked with fighting money laundering and terrorist financing, is all set for its strategic review of Pakistan and to decide whether the country will take its place in the “grey list” will keep or leave.
The FATF meeting is scheduled for June 14-17 in Berlin. This meeting is especially crucial for Pakistan, as the country is still on the watchdog’s “grey list” for failing to control terrorist financing.
The results of the FATF plenary meeting will be published on Friday 17 June after the close of the meeting. Pakistan has been on the gray list of the Paris-based FATF since June 2018 for shortcomings in its anti-terror financing and anti-money laundering regimes. In June 2021, the country was given three months to comply with the remaining conditions by October at the latest.
However, Pakistan remained on the FATF’s “grey list” for failing to effectively implement global FATF standards and for failing to make progress in investigating and prosecuting senior leaders and commanders of UN-designated terror groups.
This decision was announced in October 2021, at the close of the three-day plenary meeting of the Financial Action Task Force (FATF) to discuss key issues in the fight against money laundering and terrorist financing. The president of the FATF had said that Pakistan will remain on the gray list until it deals with all items of the original action plan agreed in June 2018, as well as all items of a parallel action plan agreed in 2019 by the regional partner of the FATF. watchdog – the Asia Pacific Group (APG) – has been handed out.
However, the president added that the issue of financial terrorism, which involved the “investigation and prosecution of senior leaders and commanders of UN-designated terror groups,” had yet to be addressed.
Pakistani opposition parties had criticized former Prime Minister Imran Khan’s government for failing to get the country off the FATF’s gray list.
According to experts, Pakistan’s gray list by the FATF resulted in a cumulative loss of GDP of $38 billion from 2008 to 2019.
The FATF delegates representing 206 members of the Global Network and observer organizations including the International Monetary Fund, the United Nations, the World Bank and the Egmont Group of Financial Intelligence Units, will participate in the final plenary meeting under the two-year German presidency of Dr. . Marcus Pleyer next week. The German government will host this hybrid event in Berlin, in which a significant number of participants will personally participate.
Over four days of meeting, delegates will wrap up key issues, including a report to prevent money laundering through the real estate industry and a report that will help financial institutions use collaborative analytics, data collection and other sharing initiatives to help prevent money laundering. assess and mitigate money and terrorist attacks. financing risks they face.
Delegates will also discuss assessments of anti-money laundering and terrorist financing measures in Germany and the Netherlands, and the progress made by some jurisdictions identified as posing a risk to the financial system.

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