| Schadenfreude is a dreadful thing. So be discreet as we snicker about this situation Pakistan so richly deserves, dear Reader. |
[NATION.PK] While keeping Pakistain on its grey list, the Financial Action Task Force (FATF) on Friday has given new six points action plan on anti-money laundering to Islamabad to address the strategic deficiencies.The FATF has recognised Pakistain’s progress and efforts to address the Combating the Financing of Terrorism (CFT) action plan items.
FATF has noted that since February 2021, Pakistain has made progress to complete two of the three remaining action items on demonstrating that effective, proportionate and dissuasive sanctions are imposed for TF convictions and that Pakistain’s targeted financial sanctions regime was being used effectively to target terrorist assets.
"Pakistain has now completed 26 of the 27 action items in its 2018 action plan. The FATF encourages Pakistain to continue to make progress to address as soon as possible the one remaining CFT-related item by demonstrating that TF investigations and prosecutions target big shots and commanders of UN designated terrorist groups," it added. Since June 2018, when Pakistain made a high-level political commitment to work with the FATF and APG to strengthen its AML/CFT regime and to address its strategic counter terrorist financing-related deficiencies,
Pakistain’s continued political commitment has led to significant progress across a comprehensive CFT action plan.
In response to additional deficiencies later identified in Pakistain’s 2019 APG Mutual Evaluation Report (MER), Pakistain has made progress to address a number of the recommended actions in the MER and provided further high-level commitment in June 2021 to address these strategic deficiencies pursuant to a new action plan that primarily focuses on combating money laundering.
Pakistain should continue to work to address its strategically important AML/CFT deficiencies, namely by: (1) enhancing international cooperation by amending the MLA law; (2) demonstrating that assistance is being sought from foreign countries in implementing UNSCR 1373 designations; (3) demonstrating that supervisors are conducting both on-site and off-site supervision commensurate with specific risks associated with DNFBPs, including applying appropriate sanctions where necessary; (4) demonstrating that proportionate and dissuasive sanctions are applied consistently to all legal persons and legal arrangements for non-compliance with beneficial ownership requirements; (5) demonstrating an increase in ML investigations and prosecutions and that proceeds of crime continue to be restrained and confiscated in line with Pakistain’s risk profile, including working with foreign counterparts to trace, freeze, and confiscate assets; and (6) demonstrating that DNFBPs are being monitored for compliance with proliferation financing requirements and that sanctions are being imposed for non-compliance.
Related:
Financial Action Task Force: 2021-02-25 Pakistan to offer Sri Lanka $15 million credit line for defence cooperation: FM Qureshi
Financial Action Task Force: 2021-02-20 Malik pens letter to FATF president asking him to remove Pakistan’s name from Grey list
Financial Action Task Force: 2021-02-10 Shangla police arrest terrorist in Karachi
Financial Action Task Force: 2021-02-25 Pakistan to offer Sri Lanka $15 million credit line for defence cooperation: FM Qureshi
Financial Action Task Force: 2021-02-20 Malik pens letter to FATF president asking him to remove Pakistan’s name from Grey list
Financial Action Task Force: 2021-02-10 Shangla police arrest terrorist in Karachi