Pakistan and UAE Sign MoU on Financial Crimes

Baaghi TV, 10th September 2020: Pakistan and UAE have signed an MoU on financial crimes in reference to FATF. According to reports, the financial intelligence unit of UAE’s central bank has signed an MoU with Pakistan regarding financial crimes.

According to sources, under the MoU signed with Pakistan’s financial monitoring unit, both countries will join to promote financial laws, and tackle money-laundering and terror financing. It should he noted ghat the current government is taking several measures to eliminate white collar crimes, which include the ongoing legislations being passed in Parliament. The legislation is meant towards getting out of the FATF Grey List and parliament has been called in this regard in the coming week. Here it needs to be clarified that the Plenary Group of the FATF placed Pakistan on the Grey List due to ‘strategic flaws’ in the fight against money-laundering and terror financing, in June 2018.

In February 2019, the FATF had warned Pakistan that it should fulfil its promise of taking action against those involved in terror financing and money-laundering.

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In the backdrop of the fear of international sanctions, the government machinery immediately became active so that positive results could be demonstrated within two months. In October 2019, the FATF while deciding to keep Pakistan on the grey list till February of this year, had given a 27 points action plan for implementation.

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