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FATF to meet Pakistan in June to review measures against money-laundering

FATF to meet Pakistan in June to review measures against money-laundering

ISLAMABAD: The anti-money laundering watchdog, the Financial Action Task Force (FATF) will meet Pakistani delegation in June.

As per media reports, the meeting between FATF and the Pakistani delegation is slated to be held in Beijing on June 21-26, to review the measures made by the country in combating anti-money laundering and countering financial terrorism.

In February, the Financial Action Task Force (FATF) has kept Pakistan on its ‘grey list’ and has given Pakistan another four months to meet the remaining 13 out of a total of 27 actions to address ‘strategic deficiencies’ relating to counter money laundering, terrorist financing and proliferation financing.

FATF maintains that Pakistan must continue to work on implementing its strategic deficiencies which include: (1) demonstrating that remedial actions and sanctions are applied in cases of AML/CFT violations, relating to TF risk management and TFS obligations; (2) demonstrating that competent authorities are cooperating and taking action to identify and take enforcement action against illegal money or value transfer services (MVTS); (3) demonstrating the implementation of cross-border currency and BNI controls at all ports of entry, including applying effective, proportionate and dissuasive sanctions; (4) demonstrating that law enforcement agencies (LEAs) are identifying and investigating the widest range of TF activity and that TF investigations and prosecutions target designated persons and entities, and those acting on behalf or at the direction of the designated persons or entities; (5) demonstrating that TF prosecutions result in effective, proportionate and dissuasive sanctions; (6) demonstrating effective implementation of targeted financial sanctions (supported by a comprehensive legal obligation) against all 1,267 and 1,373 designated terrorists and those acting for or on their behalf, including preventing the raising and moving of funds, identifying and freezing assets (movable and immovable), and prohibiting access to funds and financial services; (7) demonstrating enforcement against TFS violations including administrative and criminal penalties and provincial and federal authorities cooperating on enforcement cases; (8) demonstrating that facilities and services owned or controlled by designated person are deprived of their resources and the usage of the resources.

The Paris based intergovernmental placed Pakistan on the grey list in June 2018 and was given a plan of action to complete it by October 2019.