Not meeting the obligations of the Financial Action Task Force (FATF) would have a devastating impact on Pakistan's economic reform program, a top US diplomat said.
Pakistan may be out of the 'Grey List' of the international terror financing watchdog FATF next month due to the active support of China and tactical support of some Western countries, official said on Thursday.
Pakistan submitted a report comprising answers to 22 questions to the FATF, Geo News quoted officials as saying. The report details Pakistan's actions against the groups the United Nations has listed as terrorist organisations as well as sentences handed to them by the courts.
It is important for Pakistan to fully implement the recommendations of the Financial Action Task Force (FATF) to counter-terror financing, a top American diplomat has said. The implementation of the FATF recommendations, besides taking action against terrorist networks, would help the US revise its travel advisory against Pakistan, the diplomat said in response to a question.
Presenting India's concern over terror financing issues on the second day of the second 'No Money For Terror' conference being attended by 65 countries here, India stressed on the use of blockchain-based cryptocurrencies in the Indian context.
Pakistan may remain on the FATF grey list beyond February 2020, mainly because of its risk profile and in view of two simultaneous evaluations.
The FATF, whose five-day plenary concluded in Paris on Friday, said Sri Lanka made significant progress in addressing the strategic AML/CFT deficiencies identified earlier.
Financial Action Task Force (FATF), the global terror financing and money laundering watchog, has retained Pakistan on the Grey List with an ultimatum of four months. The FATF Plenary in Paris today noted that Pakistan addressed only five out of the 27 tasks given to it in controlling funding to terror groups like the Lashkar-e-Taiba and Jaish-e-Mohammad.
The watchdog had placed Pakistan on the grey list in June 2018 and was given 15 months to complete implementation of a 27-point action plan, failing which it be placed in the blacklist along with Iran and North Korea.
The Asia Pacific Group (APG) of the FATF had recently made public its report on money-laundering and terror-financing in Pakistan. The FATF-APG report had 10 parameters for 'Effectiveness and Technical Compliance Ratings' and 40 for 'Technical Compliance Ratings'.
An FATF meeting in Paris on Tuesday reviewed the measures that Islamabad has already taken to control money laundering and terror financing. However, the meeting observed that Islamabad will have to take further steps in these four months
The Asia Pacific Group report — which is set to be reviewed during this week’s task force meeting — said that while Pakistan seized some assets, the amounts seized were very small considering the extent of the money laundering and terrorist financing believed to be going on in the country.
Pakistan is on the verge of strong action by the international terror financing watchdog FATF and the country may be put in the 'Dark Grey' list, the last warning to improve.
As Financial Action Task Force (FTAF), the global financial watchdog meets on Sunday in Paris, deliberation will be on to decide whether Pakistan should be blacklisted for terrorism financing. Pakistan is already in the 'grey list'. In its meeting on Sunday, FATF will review whether Pakistan has taken measures to curb terror financing.
Starting Sunday 13 October, representatives from 205 countries and jurisdictions around the world, the IMF, UN, World Bank and other organisations, will meet for FATF Week in Paris, France. Ahead of the meet, European think tank has slammed Pakistan for being blatantly untruthful to international community.
Ahead of next week's Paris meeting of the Financial Action Task Force (FATF), a Netherlands-based think-tank has said that despite the scathing indictment by the Asia Pacific Group (APG), Pakistan is likely to remain on FATF's grey list.
Next week's Financial Action Task Force (FATF) meeting will review progress made on controlling terror financing and money laundering by Pakistan.
Speaking at a General Assembly Sixth Committee meeting on ‘measures to eliminate international terrorism’, First Secretary/Legal adviser in India’s Permanent Mission to the UN Yedla Umasankar on Wednesday called for increased cooperation between the Financial Action Task Force (FATF) and the UN to combat terror financing.
Pakistan's Foreign Minister Shah Mahmood Qureshi on Monday claimed that India was trying to push his country on the blacklist of the Financial Action Task Force (FATF).
The chances are high that Pakistan will be retained on the 'grey list' during the FATF's crucial plenary meetings this month as the country has complied with just one the 40 recommendations set by the global anti-money laundering watchdog at the time of the country's inclusion in the list, according to a report by the Asia Pacific Group (APG).
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