EU appreciates Pakistan’s commitment to continue the engagement with FATF to address all remaining issues

Pakistan has made progress in countering terror financing and money laundering. The Asia Pacific Group (APG) on Laundering has improved Pakistan’s rating on 21 of the 40 technical recommendations of the Financial Action Task Force (FATF) against money laundering and terror financing.

The Asia Pacific Group (APG) is monitoring the situation in Pakistan and has given its 26 points of Action plan to cope with money laundering. Pakistan is progressing well in Counter financing of terrorism. The Observer group of APG is pretty much satisfied with Pakistan and its efforts globally. Financial Action Task Force (FATF) deals with mainly three things, terror financing, money laundering, and activities of banned organizations.

Pakistan is doing parliamentary legislation on Counter Financing of Terrorism (CTF) and Anti Money Laundering (AML) and successfully passed these laws of great importance. The federal government dedicatedly frame-up the Financial Monitoring Unit (FMU) under the supervision of the State Bank of Pakistan (SBP). These are things that have been done at the state level to counter money laundering. You can clearly see the seriousness of the incumbent government regarding this grave issue. State action has taken against hardliner religious organizations such as Tehreek e Labaik Pakistan (TLP), Lashkar e Taiba (LeT), Jammat ud Dawa (JuD), and Falah e insaniyat. India’s involvement in money laundering has been exposed globally.

A report of Financial Crimes Enforcement Network clearly said that there is a direct connection of Indian Banks in Money Laundering (ML) through transactions used in facilitating and financial acts of terrorism. The entities and individuals were involved in money laundering $1.53 billion through 3201 illegal and suspicious transactions. The government of Pakistan is committed to protecting the financial system and economy in-country through a strong financial system that black money doesn’t find its way into the financial system. Pakistan’s efforts acknowledged by the observers of APG at the global forum. Pakistan is committed to fulfilling the plan of action within the due time given by FATF. Pakistan will be out of this mass soon.

 

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