Pakistan failed to curb terror funding and money laundering

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Pakistan will remain in the gray list of the Financial Action Task Force on Terror Funding, blacklisted or will be out of the watch list, it has to be decided. They schedule the FATF to meet in France’s capital Paris from October 12 to October 18, where it decided. According to a media report, Pakistan has prepared its Compliance Report i.e. Compliance Report for the meeting.

In June last year, the FATF put Pakistan in the list of ‘gray list’. It had made 40 recommendations for effective action against terror funding and money laundering, which Islamabad was to implement by October 2019.

If it does not implement them, they can get blacklisted in the same way as Iran and North Korea. It on the gray list of the FATF from 2012 to 2015.

Pakistan failed to curb money laundering

Pakistan flirting to get out of the FATF gray list, but this time in danger. The report released by the Asia Pacific Group of FATF on Saturday is pointing to this.

In its 228-page long-awaited report, Mutual Evaluation Report, the APG has said that out of the 40 recommendations made by the FATF to curb money laundering and terror funding, only Pakistan has fully complied.

It has largely followed 9 recommendations and partly 26 recommendations. Pakistan has not taken any step on the 4 recommendations. In such a situation, he will either be blacklisted or remain on the gray list as there is no possibility of clean chit.

According to the report of Pakistani newspaper Dawn, Pakistan’s delegation will leave for France on October 13 for the FATF meeting. Economic Affairs Minister Hammad Azhar of Pakistan will head this delegation. The status of Pakistan going to discuss on October 14 and 15 in the FATF meeting.

The Security and Exchange Commission of Pakistan (SECP) has completed the report for the FATF meeting.

This report claimed that Pakistan has taken action on 219 suspicious transactions this year. However, compared to only 13 suspicious transactions in the 8 years preceding it. However, Pakistan claims that the SECP has conducted 167 inspections to curb terror funding and money laundering.

These include inspection of 72 stockbrokers, 27 non-banking financial companies, 13 insurance companies, and 55 high-risk non-profit organizations.

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