WASHINGTON: Financial Advisor Abdul Hafeez Shaikh stated that Pakistan was committed to implement its action plan to counter money laundering and terror financing by February next year in order to exit FATF Grey List.
It may be recalled that FATF in its last huddle held in Paris on Friday 17th October (2019) has given Pakistan a 4 month life line to fulfill its commitments in order to get out of Grey List and avoid Black List.
Dr. Hafeez Shaikh, while talking to Media here on Sunday (20th of Oct.) said that there was no disagreement among various various institutions of government in this regard.
According to Financial Advisor Pakistan was all set to take and implement decisions in order to contain the menace of money laundering and terrorist financing. Hafeez was confident that Pakistan would be able to fulfill its commitments before the end of deadline set by FATF.
It is pertinent to mention here that in case Pakistan is put into the Black List the Paris-based FAFT will brand it as uncooperative haven for terror-financing and will urge all jurisdictions to watch its business relations and transactions with Pakistan.
On 29th of June 2018 FATF had given Pakistan fifteen months to implement FATF’s 27 points action plan. At the end of that time the state of affairs was assessed during FATF’s 5-Day plenary at Paris. Representatives from 206 countries and jurisdictions participated in the rendezvous that ended last Friday.
FATF acknowledged that Pakistan did progress in 22 out of 27 suggested measures: “We are committed to implement the plan by February (2020), ” the Financial Advisor held.
A relevant piece published earlier:
FATF: Pakistan to remain on the grey list till Feb 2020
PARIS: Directing Pakistan to take extra measures for complete elimination of terror-financing and money-laundering, the Financial Action Task Force (FATF) here on Tuesday (15th of October, 2019) has decided in principle that the country will remain on the Grey List till February, 2020 when final decision will be made.
Steps taken by Pakistan to contain terror-financing and money-laundering were meticulously reviewed by a FATF meeting held here that maintained that Islamabad will have to take extra measures in the next four months in order to merit the removal of purple letter.
FATF will make formal announcement in this regard on Friday 18th of October, 2019. However, the Finance Ministry here has refused to endorse the Paris decision about keeping Pakistan on Grey List at least till February, 2020 saying nothing was final till the 18th October announcement.
It is pertinent to mention here that Pakistan was put on the grey list due to its failure to curb terror-financing and money-laundering. In a country of hypocrites where even a middle-ranking bureaucrat is a billionaire, where landlords deliberately keep the masses illiterate to perpetuate mental and physical slavery, an enormous number of kids are brainwashed in thousands of madrassas, the terror-financing and money-laundering are but natural crimes. Everybody, who is loaded with black money or who wants to perpetuate grip over morons, wants to happily commit this crime.
Pak delegation reaches Paris to attend FATF session
PARIS: In order to attend the crucial session of Financial Action Task Force a Pakistani delegation led by Hammad Azhar Federal Minister for Economic Affairs Hammad Azhar reached here today.
Financial Action Task Force meeting that is scheduled to ponder over steps taken by Pakistan till April 2019 will be attended on 14th and 15th October by Hammad Azhar, Additional Secretary Finance Sohail Rajput, representatives of National Counter Terrorism Authority (NACTA), Federal Investigation Agency (FIA), Federal Board of Revenue (FBR) and Securities and Exchange Commission of Pakistan (SECP) as part of the delegation.
The session is importing for Pakistan because the decision about whether to exclude Pakistan from the grey list or not would be taken during it. One of the aspect that would be reviewed during the Financial Action Task Force the steps taken by Pakistan to contain terrorist financing.
It is pertinent to mention here that in its report on money-laundering and terror-financing in Pakistan the Asia/Pacific Group on Money Laundering (APG) held that Pakistan had complied with 36 of the 40 parameters set by the Financial Action Task Force.
Moreover, Pakistan has already implemented most of the FATF measures, such as banning terrorist organisations and seizing the properties of terrorists and stopping them from doing business.
FATF sets new targets for Pakistan
ISLAMABAD: Financial Action Task Force (FATF) has set new targets for Pakistan to hamper terror financing and monitor sale of jewelry and prize bonds.
As per details, State Bank of Pakistan (SBP), Federal Board of Revenue (FBR), Securities and Exchange Commission of Pakistan (SECP), Federal Investigation Agency (FIA) and National Counter Terrorism Authority (NACTA) would collect record including telecom banking in this regard. SBP’s monitoring unit would provide data of prize bond owners.
Sources said access of terrorists to prize bonds and transfer of money through telecom banking has been hampered. Sources further said all welfare organizations would be monitored at federal and provincial levels by SECP and complete record of welfare organizations would be sought. Business of gold, other jewelry and precious stones would be registered and condition of ID card would be a must for such business.