FATF Group to Review Pakistan’s Performance On June 23

The Financial Action Task Force (FATF) will evaluate Pakistan’s performance in terms of implementing a 27 action plan on June 23.

Sources told Propakistani that the FATF four days meeting will start on Monday (June 21) in Paris in which the action plan given to Pakistan would also be considered.

Pakistan has submitted a complete report to FATF on the implementation of 27 points of the action plan which includes legislation to curb money laundering as well as enforcement measures to stop terrorist financing, sources added.

The International Co-operation Review Group (ICRG) reviewed Pakistan’s implementation report on all 27 action plans on June 15, 2021, under the co-chaired by the United States and Italy. Subsequently, the report was forwarded to FATF for in-depth discussion.

It is pertinent to note that FATF in February this year decided to keep Pakistan on its “grey list” and directed to fully implement the remaining three out of twenty-seven points till June 2021.

The points are demonstrating that TF (terrorism financing) investigations and prosecutions target persons and entities acting on behalf or at the direction of the designated persons or entities; demonstrating that TF prosecutions result in effective, proportionate and dissuasive sanctions; and demonstrating effective implementation of targeted financial sanctions against all 1267 and 1373 designated terrorists, specifically those acting for or on their behalf.

Pakistan has implemented 14 out of 27 points in February 2020, 21 out of 27 in October 2020 and ensured full implementation on 27 Action Plans during this June.

It is worth mentioning here that FATF had added Pakistan into the grey list in June 2018 on the recommendations of the ICRG when four countries including the United Kingdom, the United States, Germany and France, pointed out key deficiencies in Pakistan’s financial system.

Source: Pro Pakistani