FATF appreciates current govt but warns strict action if it fails to implement its recommendations on terror financing.
ISLAMABAD: (UrduPoint/ Pakistan Point News-18th Oct, 2019) Pakistan will remain in grey list as Financial Action Task Force (FATF) asked the Federal government to strictly enforce its recommendations on Terror finanncing, the reports said.
The International body, however, appreciated the federal government for its action against money laundering and terror financing but said that Pakistann still needed to improve its implemenation regarding terror financing. FATF had held its meeting in Paris where Hammad Azhar was leadining a ten-member delegation before the FATF in Paris.
FATF in its meeting appreciated Pakistan's effort saying that the current government took good steps to curb money laundering and terror financing. The international body also warned Pakistan that strict actions would be taken against Pakistan if it failed to enforce its recommendataions till Feb 2020.
"Strict action would be taken against Pakistan if the recommendataions were not implemented in letter and spirit," said the international body, adding that "We will support Pakistan in implementation of these recommendations,".
According to media reports the official said that Indian propaganda against Pakistan may be dangerous at FATF’s meeting because they might plunge into it without waiting the final out of the international body on status of Pakistan. However, he said Pakistani authorities are very careful on making any statement there before the international body.
Pakistan’s delegation is currently visiting Paris to take part in 39-member Financial Action Task force to ensure support against an Indian bid to get Pakistan out of the FATF’s blacklist. Pakistan is confident as as China, Malaysia and Turkey have assured it of all out support in case India or any other country presents a resolution for getting Pakistan on the blacklist. Even GCC countries and Saudi Arabia have supported Pakistan, said the sources adding that the FATF’s ongoing meeting would continue till October 18 in Paris during which a final decision would be made about the country’s status.
Joint Working Group (JWG) shared findings with the Pakistani authorities, showing Islamabad to be largely compliant on 10 points, partially compliant on another 10 points, and non-compliant on seven, mainly related to proscribed organisations on account of investigation, prosecutions and conviction from court of law, the reports said.
Minister for Economic Affairs Hammad Azhar is leading a five-member delegation to FATF’s meeting in Paris. Media reports said that stakeholders were unanimous and on the same page that Pakistan worked hard to comply with all 27 points within the envisaged deadline and made good progress. Authorities were now confident that the FATF would not give a new action plan. In addition to that, Pakistan took significant steps towards improving relations with the US and progress in this direction would yield positive results. On merit, official sources say, Pakistan should be excluded from grey list and put into green or white list as Islamabad made impressive progress on at least 20 out of 27 FATC action plan points.
FATF, they stated, might maintain Pakistan’s grey-list status for an extended period of 6 to 12 months, but in such a scenario, there would be no new action plan. Islamabad might be asked to continue to ensure compliance on 17 points, on which the country made partial or little progress, for the next one year, they added.