ISLAMABAD: The Financial Action Task Force (FATF) plenary meeting would begin today (Monday) in Paris (February 22-25) to review Pakistan’s progress and decide about its fate with respect to grey list.
Sources said that if Pakistan complied with remaining actions plan, the country would be removed from the grey list in June 2021 because there would be an onsite visit by the FATF after the plenary session. However, in case of non-compliance to any action plan, Pakistan may be given some time to comply with it and consequently removal may also be delayed beyond June 2021.
FATF after October 2020 Plenary has strongly urged Pakistan to continue working on implementing its action plan to address its strategic deficiencies, including by (i) demonstrating that law enforcement agencies 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; (ii) demonstrating that TF prosecutions result in effective, proportionate and dissuasive sanctions; (iii) demonstrating effective implementation of targeted financial sanctions against all 1267 and 1373 designated terrorists and those acting for or on their behalf, preventing the raising and moving of funds including in relation to non profit organisations (NPOs), identifying and freezing assets (movable and immovable), and prohibiting access to funds and financial services; and (iv) demonstrating enforcement against TFS violations, including in relation to non profit organisation NPOs, of administrative and criminal penalties and provincial and federal authorities cooperating on enforcement cases.
An official on condition of anonymity said that Pakistan has submitted progress report on remaining six actions plan to FATF last month and now it’s up to them [FATF] to taken decision on the basis of progress made by Pakistan. However, he said “We are very optimistic”.
Copyright Business Recorder, 2021