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Today'S Paper - July 20, 2021 Pakistan To Remain On FATF Grey List
Today'S Paper - July 20, 2021 Pakistan To Remain On FATF Grey List
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He also pointed out that "a separate process has been taking place over the
past few years" insofar as Pakistan was concerned.
"Back in 2019, FATF regional partner, the Asia Pacific Group (APG),
identified a number of serious issues during its assessment of Pakistan’s
entire anti-money laundering and counter-terrorist financing system. Since
then Pakistan has made improvements. This includes clear efforts to raise
awareness in the private sector to money laundering risks and to develop
and use financial intelligence to build cases."
But, he said, Pakistan was still "failing to effectively implement the global
FATF standards" across a number of areas.
"This means risks of money laundering remain high which in turn can fuel
corruption and organised crime. That is why the FATF has worked with the
Pakistan government to work on areas that need to be improved as part of
the new action plan that largely focuses on money laundering risks. This
includes increasing the number of investigations and prosecutions and
making sure that law enforcement agencies cooperate internationally to
trace, freeze and confiscate assets.
Pleyer said even after the last remaining item on the original action plan
was addressed, delisting would not occur as there was a parallel action plan
that was also given.
"As soon as this last remaining item of the [original] action plan is largely
addressed, the members will decide whether they will grant an onsite
[assessment] for this action plan. Usually once an onsite [assessment] has
been successfully completed, the membership can decide on delisting a
country.
"But in this case we have a parallel action plan with all the action items in
the second action plan. Then Pakistan must also largely complete all the
items on this action plan and then there will be a separate onsite
[assessment] to decide on this action plan.
"So the delisting will not occur before both action plans are completed and
two onsite [assessments] have been granted and successfully completed
and have shown that the improvements are sustainable before the FATF
members decide on delisting," Pleyer said.
Responding to this, Pleyer said all items needed to be largely addressed for
delisting to happen.
"Our rules and procedures are very clear. All deficiencies must be addressed
and it would also be discouraging if other countries fully address all their
action plan items and then got off the list, and some countries got off the
list before they have completed all the action items. So the expectation is
clear, we treat all countries equally."
"We had been given 27 points in the FATF Action Plan, out of which work
on 26 has been completed," Qureshi had said, adding that work was afoot
to address the remaining item.
Pakistan has been on the FATF’s grey list for deficiencies in its counter-
terror financing and anti-money laundering regimes since June 2018.
Until the last assessment, Pakistan was found deficient in acting against
organisations allegedly linked to the terror groups listed by the UN Security
Council, prosecuting and convicting banned individuals and tackling
smuggling of narcotics and precious stones.
In its last observation in Feb, the FATF president had reiterated that
Pakistan had made "progress", but added: "[We] strongly urge completion
of the plan [by Pakistan]."
He had insisted that Pakistan "must improve their investigations and
prosecutions of all groups and entities financing terrorists and their
associates and show [that] penalties by courts are effective. As soon as
Pakistan shows it has completed these items, FATF will verify and members
of FATF will vote."
FATF had stressed that Pakistan should fully address three remaining points
on the action plan:
The virtual meeting of the FATF Plenary took place under the presidency of
Dr Marcus Pleyer, while delegates representing 205 members of the Global
Network and observer organisations including the International Monetary
Fund, the United Nations and the Egmont Group of Financial Intelligence
Units were also in attendance.
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