FATF : Pakistan has been on the FATF monitoring list since June 2018
Pakistan will continue to be on the gray list or increase in the Financial Action Task Force (FATF) monitoring list. the organisation’s president, Dr Marcus Pleyer, announced on Thursday.
The development took place during a Presidential press conference after the party.
The FATF has been holding a conference in Paris since October 19. Under German President Dr Marcus Pleyer. Which ends today, October 21.
It is worth mentioning here that Pakistan has been on the expanded FATF. monitoring list since June 2018.
According to the president, Pakistan has two simultaneous action plans with 34 operational plans. “Now we’ve talked, or at least 30 things,” he said.
He said this included demonstrating that financial managers. Conducted on-site and out-of-the-box non-financial business ventures. And made legislative amendments to improve international cooperation.
He said Pakistan still needed to show that. It was investigating and prosecuting the top leadership of terrorist groups at the UN.
“I thank the Pakistani government for their strong commitment to this program.”
FATF held a conference in Paris
The FATF held a conference in Paris that began on October 19 and ended today, October 21.
According to some reports. The team has reviewed the Asia Pacific Group’s report on Pakistan’s compliance with the security requirements for security guards.
It is worth mentioning here that Pakistan. It has been on the extended FATF monitoring list. Known as the gray list, since June 2018.
On Wednesday, State Bank of Pakistan (SBP) Governor Reza Baqir. Said Pakistan had met 26 of the 27 conditions set by the FATF.
“Pakistan will soon be out of the gray list,” he said.
Pakistan’s next review to be held in February 2022
The Treasury Department issued a statement after the press conference saying. “FATF has seen significant progress made by Pakistan in both programs.”
It emphasized that in line with the 2021 Action Plan. Pakistan has completed four of the seven program components. Pakistan has completed these four elements of the program “before the deadline”, the statement said.
The completed activities include amendments to the Mutual Legal Assistance Act. 2020. Anti money laundering (AML) / combating financing of terrorism (CFT) supervision of Designated Non-Financial Businesses and Professions (DNFBPs) by DNFBPs.
The remaining items used in Action Plan 2021 include the investigation. And prosecution of cases of money laundering. Seizure and UN enrollment.
“Regarding the 2018 Action Plan. Pakistan sent a clear progress report on the last remaining item of the Action Plan,” the statement read.
Following the FATF president’s remarks, the department said the FATF
acknowledged the ongoing political commitment in Pakistan. Which led to significant progress in the comprehensive CFT Action Plan. And encouraged Pakistan to report further progress on investigations and prosecutions.
“The whole assembly has decided to keep the status quo regarding Pakistan. For now,” the organization said.
Much work has already been done on the remaining two components of the applications. The department said.
“The FATF will conduct a follow-up review of Pakistan’s progress in February 2022,” the statement read.