Worldwide

Isolated At Anti-Terror FATF Meet, Pak Close To "Dark Grey" List

Isolated At Anti-Terror FATF Meet, Pak Close To

Pakistan is on the verge of strong action by the worldwide terror financing watchdog FATF and the country may be put in the "Dark Grey" list, the last warning to improve.

The FATF placed Pakistan on the grey list in June 2018 and was given a plan of action to complete by October 2019, or face the risk of being placed on the black list, alongside Iran and North Korea.

The reports further said that support extended by Turkey, China and Malaysia resulted in the FATF deciding not to include Pakistan on its "black list".

Known to be the "last warning", the dark grey list as the term suggests is the final caution before a country is officially blacklisted. The report narrates actions against dysfunctional organisations and prosecution.

The 41-member Asia Pacific Group (APG), a regional affiliate of the FATF, downgraded Pakistan to the "Enhanced Follow-Up" category in its Mutual Evaluation Report (MER) in August.

In the first review meeting on Monday, China, Turkey and Malaysia appreciated the steps taken by Pakistan on compliance with FATF guidelines on curbing money laundering and terrorism financing.

However, it must be mentioned that all eyes will be on Beijing's role at the FATF plenary meeting.

It is to be noted that the FATF has linked the blacklisting of Pakistan with unsatisfactory steps to curb money laundering and terror financing and it is expected that the global body would put Pakistan in the blacklist in February 2020 if it fails to take necessary measures.

The Paris-based body is reviewing the progress made by Pakistan until April this year, during the FATF Week, which began on 13 October and will conclude by 16 October.

Lately, the Director-General of Military Operations has been given the overall responsibility for the implementation of FATF recommendations while Federal Minister for Economic Affairs Hammad Azhar is responsible for coordination from the civilian side.

It may be noted that, this year, Pakistan has made significant improvements in its systems to fight money laundering (ML) and terror financing (TF) as per worldwide standards.

At the meeting, India is learnt to have asked FATF members to blacklist Pakistan, citing the recent example that Islamabad has allowed the Mumbai terror attack mastermind Hafiz Saeed to withdraw funds from his frozen accounts.

"The terror financing cases are identified by a number of mechanisms but not via financial intelligence", said the AGP report.

The country was placed on grey list past year after FATF decided that Islamabad had failed to take enough measures to curb money laundering and terror financing, and now India was lobbying to place it on FATF black list.

Kugelman added that until Pakistan severs all ties with terrorists and eliminates their financial networks, it will be hard for Islamabad to be cleared by the FATF.

On the level of effectiveness of Pakistan's AML/CFT, Pakistan was found moderately effective only on one benchmark while on the remaining nine its effectiveness was declared as low as of Oct 2018 cut-off date.



Like this

loading...
loading...

Latest


17 October 2019
Brexit talks go down to the wire ahead of EU summit
Juncker said he would recommend the 27 European Union nations to endorse the deal during their summit later Thursday. Brexit negotiations have been here before - seemingly closing in on a deal that is dashed at the last moment.

17 October 2019
Realme X2 Pro Lands with 64MP Quad-camera Setup
Let's not waste any more time and have a look at the specifications, pricing , and availability of the Realme X2 Pro . The Realme X2 Pro has been first launched in China and slated to see the daylight in Europe later today as well.

17 October 2019
Vatican Unveils 'Click to Pray' Wearable Rosary Device
This smart wearable, as the Vatican calls it, combines a connected bracelet with an app to help the faithful pray for world peace. The Pope's Worldwide Prayer Network launched on Tuesday a smart device that aims to foster global prayer for peace.

17 October 2019
Scotland must hold independence referendum in 2020 - SNP's Sturgeon
Before lunch, a Scotland's Future event was held to discuss the growing need for Scotland to become an independent country. She continued: "His plans would take Scotland out of the EU, out of the single market and out of the customs union".

17 October 2019
Ryan Reynolds & John Krasinski Set To Star In Fantasy Comedy 'Imaginary Friends'
The aforementioned Paramount Pictures is leading the pack to earn the rights to the film, beating out both Sony and Lionsgate. The Hitman's Bodyguard actor Ryan Reynolds is reportedly able to communicate with other people's imaginary friends .

17 October 2019
Kamille McKinney not located at Ala. apartment complex after hours-long search
The Birmingham Police Department says Kamille "Cupcake" McKinney was not found during a Wednesday search of an apartment building. She was believed to be in extreme danger after she was possibly abducted by a man and woman, according to the Amber Alert .

17 October 2019
Bigg Boss 13: Fans support Koena Mitra and calls Salman Khan biased
Shehnaaz Gill is the most well-liked feminine contender and has extra followers than Rashami and Devoleena. Bigg Boss says that the boys did not do the task thinking that there is nothing in this task for them.

17 October 2019
Trump praises Columbus Day against movement to change holiday's name
After a joint news conference, Mattarella was to join Trump at a reception celebrating Italian Americans. Washington, D.C., this week recognized "Indigenous Peoples' Day" instead of Columbus Day after the D.C.

17 October 2019
Apex Legends Fight or Fright Event
Darkness descends on Kings Canyon in Shadowfall , a warped version of the Apex games hosted by a mysterious figure. The Fight or Fright Halloween event for battle royale game Apex Legends is kicking off tomorrow, October 15.

07 August 2019
Is Downsizing to a Smaller Home a Smart Decision?
Game of Thrones Slot Based on the hugely popular Game of Thrones TV series, this slot has gained its popularity due to that show. Those looking to change their lives with a huge win are all now heading over to the Mega Moolah slot game to try their luck.