FATF wants Pakistan to impose financial sanctions on designated terrorists

The Financial Action Task Force (FATF) on Friday urged Pakistan to impose "financial sanctions" on designated terrorists as well as entities, in addition to other measures against the money laundering and financial badistance to terrorists.

Pakistan and The delegation of the Asia-Pacific Group (AGP) of the FATF recently spoke for a week and a half in the capital. At the last meeting on Friday, the FATF delegation held talks with Pakistani officials and presented them with an initial report.

"In June 2018, Pakistan engaged politically at a high level to collaborate with the FATF and the APG to strengthen its CFT in its press release.

RECOMMENDATIONS:

The FATF emphasized that Pakistan must implement its objectives. plan of action to achieve the following objectives:

(1) demonstrate that FT risks are correctly identified and badessed and that supervision is applied taking into account risks; (2) demonstrate that corrective actions and sanctions are applied in the event of an AML / CFT offense, and that these actions have an impact on the compliance of financial institutions with AML / CFT; (3) demonstrate that the competent authorities cooperate and take steps to identify and apply coercive measures against money transfer or illegal transfer of securities (MVTS) services; (4) demonstrating that the authorities identify cash couriers and apply controls on illicit currency movements and understand the risk that cash couriers will be used to finance the traffic; (5) improve inter-agency coordination, including between provincial and federal authorities in the fight against FT risks; (6) demonstrate that law enforcement agencies identify and investigate the broadest range of TF-related activities and that FT investigations and prosecutions involve designated individuals and entities as well as persons and entities acting on behalf of or at the request of the designated persons or entities; (7) demonstrate that terrorist financing prosecutions result in effective, proportionate and dissuasive sanctions and strengthen the capacity and support of prosecutors and the judiciary; and (8) demonstrate the effective implementation of targeted financial sanctions (with a global legal obligation) against Designated Terrorists 1267 and 1373 and their agents, including by preventing the release and transfer of funds, by identifying and freezing badets (furniture). and buildings) and prohibit access to funds and financial services; (9) demonstrate the enforcement of TFW violations, including administrative and criminal penalties, and the cooperation of provincial and federal authorities in enforcement matters; 10) demonstrate that facilities and services owned or controlled by a designated person are deprived of their resources and use.

The working group also asked Pakistan to provide the first report until 19 November. His team will travel to Pakistan. In March or April 2019, the FATF announced that it would closely monitor the implementation of the plan of action.

The FATF Group for the Asia-Pacific Region will release the report on Pakistan in July 2019, leaving Pakistan with six months. according to some sources, disappears from the gray list

It is worth mentioning that in July, the FATF had included Pakistan in its "gray list" after failing to suspend financial aid to terrorists.

MEETING:

A team of nine members of the Asia-Pacific Group (APG) on Thursday recommended various actions to help Pakistan be removed from the gray list of countries of the Group of financial action (FATF) of September 2018. [19659002] The delegation of the APG, which makes an eleven-day visit to Pakistan, proposed measures in its report after an on-site badessment of the legal framework and the existing institutional framework to combat terrorist financing and money laundering in Pakistan, local media reported. 19659002] In the report presented Friday to the Pakistani government, it was deliberated on all major government departments and agencies, mainly the Financial Supervision Unit (FMU), the Federal Income Office (FBR), the Federal Narcotics Investigation Agency requires, to respond to the issues raised in the release report.

The GAP "exit report" includes 40 suggestions that have been divided into eleven performance criteria.

The report further stated that Pakistan was in compliance with 50% of the recommendations. But we did not know if that would be enough for Pakistan to get out of the gray list.

At current meetings held during the visit of APG delegations, evaluation team leaders and agency officials deliberately deliberated with Pakistani officials on respect for the rules by Islamabad. with international AML / CFT measures, draft technical compliance annex on 5 October, Pakistan's responses to these measures and commitment on how it intends to address the fundamental problem of immediate results

. at previous meetings, he had pointed out that Pakistan was generally in compliance with the legislation of various AML / CFT laws, but that most issues were related to its enactment.

The report added that the laws existed, but that there were problems related to structural provisions for the effective promulgation of these laws.

STEPS RECOGNIZED BY THE FATF OF PAKISTAN:

On Thursday, Finance Minister Asad Umer said the FATF had acknowledged the measures taken by Pakistan to fight against money laundering.

The Minister of Finance has stated that Pakistan is committed to adopting modern means to stop money laundering and terrorist financing.

that the Government of Pakistan will continue to cooperate with this body and take the measures that are imposed in accordance with the instructions given by the FATF.

In August, the APG, as part of the preliminary site-specific mutual badessment, identified a series of deficiencies in the fight against Pakistan. – laws and mechanisms against money laundering or terrorist financing (AML / CFT). The report was sent to Pakistan with recommendations.

In response, Pakistan provided details of the measures taken in accordance with the recommendations. On October 5, Pakistan received another technical compliance annex from the Palestinian government, which also highlighted shortcomings in the AML / CFT measures that Islamabad must take.

Pakistan has rushed in recent months to avoid being added to a list of countries deemed to be non-compliant with anti-money-laundering and terrorist financing regulations put in place by The FATF, headquartered in Paris, fear that the authorities in place here are harming its economy.