FATF Plenary, held from October 25 to 27, 2023, Concludes

The FATF Plenary, held from October 25 to 27, 2023, concluded with significant outcomes, even though it received limited attention in Pakistan due to the prevailing political landscape in the country. Over the course of three days, delegates meticulously addressed a comprehensive agenda focused on critical issues related to money laundering, terrorism financing, and proliferation financing.

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Key highlights from this event include:

1. Crowdfunding for Terrorism Financing Report: Delegates produced a comprehensive report addressing the issue of crowdfunding for terrorism financing, shedding light on the emerging challenges in this domain.
2. Major Amendments to FATF Recommendations: Substantial revisions were made to the FATF Recommendations, equipping member countries with enhanced tools to more effectively freeze, seize, and confiscate criminal assets, both within their domestic borders and through international collaboration.
3. Revisions to FATF Recommendations for Non-Profit Organizations: The FATF Recommendations applicable to non-profit organizations underwent revision to establish clear measures for safeguarding these organizations against potential terrorist financing abuse, emphasizing the implementation of risk-based measures.
4. Report on Illicit Financial Flows from Cyber-Enabled Fraud: In collaboration with the Egmont Group of Financial Intelligence Units and INTERPOL, a comprehensive report was generated, addressing the challenges posed by illicit financial flows resulting from cyber-enabled fraud.
5. Report on Misuse of Citizenship and Residency by Investment Programs: Another report, prepared in partnership with the OECD (OCDE), delved into the issue of the misuse of citizenship and residency by investment programs, highlighting potential vulnerabilities and illicit activities associated with these programs.

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Strategic initiatives were also outlined, encompassing various aspects such as improving asset recovery, combating the misuse of non-profit organizations for terrorist financing, crowdfunding for terrorism financing, addressing illicit financial flows stemming from cyber-enabled fraud, and curbing the misuse of citizenship and residency by investment programs.

While Pakistan has managed to exit the FATF gray list, it remains imperative to fortify measures against money laundering and related issues. One crucial step in this direction is the timely repatriation of Afghan refugees. Swift action is essential to close existing loopholes and ensure the integrity of financial systems. No further delays should be tolerated in this regard.

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The writer is a lawyer, academic and political analyst. She has authored a book titled ‘A Comparative Analysis of Media & Media Laws in Pakistan.’ She can be contacted at: yasmeenali62@gmail.com and tweets at @yasmeen_9

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