AThe Financial Action Task Force (FATF) has decided to keep Pakistan on its "gray list". The country's status will be reviewed in June 2021.
The announcement was made by FATF President Dr. Marcus Pleyer made a press conference about the results of the four-day virtual plenary session of the FATF. "Pakistan continues to be closely monitored," Pleyer said, adding that while the FATF recognized Pakistan's "significant progress", "there are still some serious shortcomings." "All these areas relate to terrorist financing.
You May Also Like; FATF says Pakistan Still Need Improvement
FATF keeping eye on the money laundering activities as recently they are the working to bar the money laundering and terror finance linked with virtual assets service providers and have issued some guidelines for suspicious activities monitoring.
The FATF is working to guard against the money laundering and terrorist financing risks linked to Virtual Asset Service Providers (VASPs). We have issued guidance to help detect suspicious activity. See more here➡️ https://t.co/q3k5sIxS7Y #FollowTheMoney pic.twitter.com/4UupOc03Zh
— FATF (@FATFNews) February 25, 2021
Three of the 27 [issues] need to be fully addressed," he added, referring to the action plan agreed by Pakistan. The FATF president reaffirmed Pakistan's "progress" but said, "[We] are strongly urging the completion of [Pakistan's] plan.
" He said Pakistan "needs to improve its investigation and prosecution of all groups and organizations that fund terrorists and their personnel and to demonstrate that judicial sanctions have been in place. Once Pakistan demonstrates that it has implemented these points, the FATF and the members of the FATF will judge.
"Vote" In response to a question from an Indian journalist about the prosecution of terrorists in Pakistan, Pleyer made it clear that the FATF was not an investigative organization. “We are evaluating the entire anti-money laundering system [and] framework.
Pakistan has been gray-listed by the FATF since June 2018 due to shortcomings in the fight against terrorism and the fight against money laundering.
Until the final assessment, it was determined that Pakistan was unable to intervene against the organizations allegedly associated with the terrorist groups on the UN Security Council, to prosecute and convict prohibited persons and to prevent the smuggling of drugs and gems. combat.
Authorities have recently taken further steps, including the prosecution of Lashkar-e-Taiba chief Hafiz Saeed and his staff in terrorist financing cases.
This does not change with incidents per se,” he said. "Now it is important for Pakistan to complete the action plan." The FATF Chairman noted that Pakistan is working on its high commitment to implement the watchdog's recommendations on illegal financing, saying "now is not the time to blacklist a country".
He added that the watchdog will "assess the sustainability of the reforms and discuss them at the next plenary meeting in June" once Pakistan has completed the operation.
In response to the FATF's decision, Federal Minister Hammad Azhar said Pakistan had "partially" addressed "nearly 90 percent" of its current FATF action plan with 24 of the 27 issues "largely addressed" and the remaining three completed articles.
Pakistan remains committed to complying with both FATF evaluation processes and I would like to commend the hard work done by dedicated teams in multiple govt depts at Federal & provincial tiers.
— Hammad Azhar (@Hammad_Azhar) February 25, 2021
I will be holding a press briefing at 11.30 Am on this issue tomorrow InshAllah.
The FATF has recognized Pakistan's high-level political commitment since 2018, which has led to significant progress.
FATF member states also noted that Pakistan is subject to perhaps the most challenging and comprehensive action plan ever presented to any country, "he tweeted, saying the country is also subject to the FATF's dual review procedures with varying deadlines.
