June 8, 2021: BaaghiTV: According to the details, FATF has included Pakistan in the follow-up list.
Pakistan has implemented 31 out of 40 recommendations in less than two years. FATF says Pakistan set an example by working so effectively in two years.
It should be noted that the Financial Action Task Force (FATF), an international organization working to curb money laundering and terrorist financing, had given Pakistan until June 2021 to get out of the gray list. In February, FATF President Dr. Marcus Player made the announcement at a virtual news conference after a three-day meeting in Paris. Dr. Marx had said that “Pakistan has assured the FATF to implement the action plan at the highest level. At present, Pakistan cannot be blacklisted.”
The three-day meeting of the FATF was held in Paris where it was decided to keep it on the gray list after reviewing the steps taken by Pakistan. The points have been implemented. He added, “As soon as Pakistan implements the remaining points, we will see how sustainable Pakistan’s implementation is.” At its meeting in October last year, the FATF appreciated the positive progress made by Pakistan in implementing 21 out of 27 points and directed to implement the remaining six points as well.
The six points listed by the FATF include ensuring a large-scale investigation and financing of terrorist financing by law enforcement agencies, listed by the United Nations as a terrorist organization. This included the interrogation and prosecution of those who had gone, and the prosecution of individuals who were involved in similar acts under the UN list of nominees.
In addition, Pakistan must ensure that law enforcement agencies, such as banks, etc., receive administrative and civil penalties for aiding and abetting terrorism, and that provincial and federal agencies cooperate in this regard. However, the Financial Action Task Force (FATF), an international body working to curb money laundering and terrorist financing, took action on June 5, according to Baaghi TV. And acknowledged implementation.
In its report on Pakistan, the FATF commended Pakistan’s initiatives and implementation efforts, in which the Asia Pacific Group acknowledged the progress made in the Pakistan Implementation Report. The Asia-Pacific Group report stated that “Pakistan has amended 14 federal and 3 provincial laws to implement the recommendations, which has strengthened and stabilized the system.
According to the statement, the FATF Asia-Pacific Group Mutual Evaluation Report has been released stating that Pakistan has complied with 31 out of 40 recommendations of the APG. According to the Finance Ministry, “Pakistan’s implementation of the recommendations shows the seriousness of the FATF issues.” The statement said that “Pakistan has met the requirements of anti-money laundering and terrorist financing while 21 recommendations have been implemented in an exceptional manner.”
According to the Ministry of Finance, in 2019, Pakistan had implemented 10 points with 30 remaining, now Pakistan has implemented 31 points with 9 remaining. According to the statement, Pakistan had submitted a technical report on implementation in October 2020, which was considered by the APG and reviewed in detail.
The Finance Ministry had said that the Asia-Pacific Group appreciated Pakistan’s efforts, adding that Pakistan had also submitted a report for re-rating in the APG.
The decision to set up the National Action Task Force was made 30 years ago by the G-7 countries at a meeting in France in 1989. Later, the number of members of the G7 Alliance increased to 16, which has now increased to 39. The FATF has 39 members, including 37 countries and two regional cooperation organizations. In addition, 8 regional organizations are affiliated with the FATF. Pakistan is part of the FATF-affiliated Asia Pacific Group. The FATF extends directly and indirectly to 180 countries.
The FATF is a joint task force formed by governments. The task force was set up to take joint action against money laundering. The war on terror, which began in the United States after the 9/11 attacks, saw the need for joint action to prevent terrorist funding. Subsequently, in October 2001, money laundering as well as terrorist financing were included in the FATF’s objectives. In April 2012, the task force was tasked with overseeing large-scale arms financing and implementing countermeasures.
The task force operates on its open agenda on a purely technical basis, so the task force includes anti-money laundering and terror financing experts from different countries. The current president of the task force, Shyalgman Lu, is from China. Prior to becoming FATF President, he headed the Department of Money Laundering and Counterterrorism Financing at the Central Bank of China. Xiamen has taken a number of steps to curb the illegal movement of capital in China.
The FATF is responsible for enforcing and monitoring the implementation of uniform laws around the world regarding money laundering and terrorist financing. It seeks to implement and enforce a uniform definition of financial laws in each of its member countries so as to make the movement of looted wealth the most difficult in the world. And it would be impossible for people to have that kind of wealth. The FATF worked rapidly in the first two years of its existence and drafted the first proposals by 1990. Later in 1996, 2001, 2003 and 2012, it has also submitted its other suggestions.
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