Law Minister Farogh Naseem has congratulated the nation over passage of two important bills related to FATF in Senate, saying that the legislation will help Pakistan meet the deadline of FATF.
ISLAMABAD: (UrduPoint/Pakistan Point News-July 30th, 2020) Minister for Law Farogh Naseem congratulated the nation over passage of two important bills related to FATF in the Senate on Thursday.
In a video message, he said this legislation will help us meet the deadline of FATF.
On Feb 21, 2020, Pakistan was officially placed on the Financial Action Task Force (FATF) 'grey list' despite its diplomatic efforts at the international platform.
FATF made this decision during a plenary meeting in Paris, contending that Pakistan had failed to act against terror financing on its soil.
After being at ‘grey list,’ Pakistan’s financial system was designated as posting a risk to the international financial system of “Strategic deficiencies” in its ability to prevent terror financing and money laundering.
Pakistan took some steps to come into compliance with the global body’s requirements, such as proscribing key groups, whose open operations were a bone of contention, and seizing their assets.
The country spent three years on the 'grey list' between 2012 and 2015, without the designation affecting its ability to float international bonds, borrow from multilateral bodies, receive or send remittances or conduct international trade.
Earlier on Wednesday, caretaker Finance Minister Dr Shamshad Akhtar had urged the FATF to remove Pakistan from its 'grey list'. As the FATF plenary began its proceedings, the Pakistani delegation apprised the watchdog of steps Islamabad had taken to weed out money laundering and terror financing.
