Saturday, March 25, 2023

Pakistan may be out of ‘grey list’ of FATF, which monitors terror funding

Continued political commitment to combat the financing of terrorism. Significant progress has been made on money laundering: Sentinel

Continued political commitment to combat the financing of terrorism. Significant progress has been made on money laundering: Sentinel

Pakistan on Friday got relief from the Financial Action Task Force (FATF) as the international watchdog announced that the country could be taken off the “grey list”. with terrorist financing. FATF notes Pakistan’s claims of action to curb terror funding.

The Hindu had earlier reported that Islamabad was confident of a positive result from the current FATF plenary as it believed it had “completed” the list of tasks assigned by the global body.

According to sources familiar with the process, Pakistan will be formally removed from the “grey list” in October. He said the process started after a meeting between US Secretary of State Antony Blinken and Pakistan’s Foreign Minister Bilawal Bhutto at the United Nations in May.

India’s stand

Subsequently, most Western countries and China, which is a member of the FATF working group, approved Pakistan’s case in an emergency internal meeting.

Since the decision was consensual, India was not asked to vote on the decision, but New Delhi is skeptical of Pakistan’s commitment to completely eliminate terror safe havens in the country. The officials also pointed to Jammu and Kashmir, where, they said, infiltration is on and “small arms and IEDs” are being pushed across the Line of Control. Officials said the agencies were preparing for an “increased threat” over the next few months.

Pakistan’s Foreign Ministry said in a statement after the FATF announced a favorable observation about Pakistan’s actions, “Pakistan continues its relentless efforts to successfully complete these action plans despite several challenges including the COVID-19 pandemic.” ”

Officials told The Hindu that Pakistan had the support of permanent members of the UN Security Council in getting itself out of the “grey list”. Pakistan was brought back to the “Grey List” in 2018, which allowed the country to be closely monitored by the FATF.

“Pakistan has involved a lot in AML/CFT,” the ministry said. [anti-money laundering and combatting the financing of terrorism and proliferation] Domain during the implementation of FATF Action Plans. The association with the FATF has led to the development of a robust AML/CFT framework in Pakistan and has resulted in improving our systems to meet the challenges of the future.”

Pakistan’s Deputy Foreign Minister Hina Rabbani Khar, who led the country’s delegation to the FATF, praised the move.

An international watchdog on Friday said it would place Pakistan on the so-called “grey list” of countries that do not take full measures to combat money laundering and terror financing, but expressed hope that an upcoming visit to Islamabad after its removal will be determined. its progress.

FATF President Marcus Pleier said the monitoring body in Pakistan would conduct an inspection before October and a formal announcement of Pakistan’s withdrawal would be made. He said the FATF is praising Islamabad for implementing the organization’s action plans – a clear sign that Pakistan is moving closer to exiting the “grey list”.

“Pakistan’s continued political commitment to combating both terrorist financing and money laundering has led to significant progress,” the FATF said in a statement. The country’s efforts were continued, it said, adding that Pakistan’s “necessary political commitment remains to be implemented and reformed in the future.”

(with agency input)

Nation World News Desk
Nation World News Desk
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