Pakistan Completes All FATF Requirements Ahead of First Review: Report

Pakistan has fulfilled all five requirements outlined by the Financial Action Task Force (FATF) before the agency’s first review.

The FATF’s meetings are scheduled to last from February 17 to 22, 2019 in Paris. In the meetings, the global watchdog for money laundering and terror financing will conduct Pakistan’s first review to assess the country’s progress regarding efforts to curtail terror financing.

Notably, the agency had prescribed a 27-point action plan for Pakistan. ‘

The country has to implement this plan by September 2019.

In the first review, the FATF will assess Pakistan’s progress in four key areas, i.e., report of the customs department on cash couriers, Terrorism Financing Risk Assessment Report, implementation of the UN Security Council resolutions, and inter-agency coordination.

Actions Taken by Government

The agency had laid down five actions for the first review of the implementation of the 27-point Action Plan. Out of these, three actions pertain to the terrorism financing risk assessment.

The government has prepared the risk assessment report as per the World Bank methodology. The report has been approved by the National Executive Committee on Anti Money laundering (AML).


What is FATF and What Does Pakistan’s Inclusion in Its Grey-list List Mean?

The second action relates to the proper identification and the nature of risks of cash couriers being manipulated for terror financing. Authorities have taken measures to curb cash smuggling via international measures and to prevent the misuse of cash couriers.

The third action is about assessment and understanding of domestic and transnational terrorism financing risks to facilitate terrorist financing probes.

The other two actions are about targeted financial sanctions like asset freezing along with ongoing prohibitions to assign funds, provide funds, and issuing publication of an updated list of persons and entities proscribed under the Anti-Terrorism Act and UN-designated entities.

As per the details, the Asia Pacific Group will present Pakistan’s case. It will describe the country’s progress on five out of 27 agreed actions. The government is hopeful that it will pass the first review.

The Pakistani delegation for the meetings will include officials from the Ministry of Finance, Financial Monitoring Unit, and Foreign Affairs.

Via: Tribune