Warning by Pakistan Finance Secretary over FATF sanction

Paris based FATF; an international terror watchdog gave a final report over 40 recommendations to de-list Islamabad.

Arif Ahmed Khan expressed his anxiety over Pakistan might face economic sanctions if FATF were ignored or not followed.

The International Cooperation Review Group (ICRG) of FATF that overlooked Pakistan’s action plan recently was not pleased with the milestone that was set and progress in January 2019.

Warning by Pakistan Finance Secretary over FATF sanction Warning by Pakistan Finance Secretary over FATF sanction warning by pakistan finance secretary over fatf sanctionThe finance Secretary has earlier had warned Pakistan to take strict actions against banned outfits by May to circumvent economic penalty against the non-implementation of FATF (Financial Action Task Force).

Paris based FATF; an international terror watchdog gave a final report over 40 recommendations to de-list Islamabad from its “grey list.” Pakistan was also a part of the list for shortcomings to curb anti-terror Finance.

After a meeting, Arif Ahmed Khan expressed his anxiety over Pakistan might face economic sanctions if FATF were ignored or not followed.

The International Cooperation Review Group (ICRG) of FATF that overlooked Pakistan’s action plan recently was not pleased with the milestone that was set and progress in January 2019.

It was despite advancement in Money Laundering and combating financial terrorism (AML/CFT)regime and arrangements of an integrated database for currency declaration.

Warning by Pakistan Finance Secretary over FATF sanction Warning by Pakistan Finance Secretary over FATF sanction warning by pakistan finance secretary over fatf sanction

A concern was raised by Pakistan authorities over the inability of Pakistan to demonstrate the eight proscribed entities to be at low risk against the high-risk view of Asia Pacific Group (AGF) and ICRG.

The FATF will review Pakistan’s progress before June 2019. Earlier in 2018, Pakistan committed that it will counter-terrorism by implementing action plans with the help of the AML/ CFT regime.

The victorious implementation of the action plan and verification by APG will lead FATF to remove Pakistan out of the “grey list” or move to “blacklist” by September.

FATF blacklist means the country is concerned about the non-cooperative global fight against Money Laundering and terrorist financing. The multilateral leaders may also back out over financial support: IMF, World Bank, ADB, EU and even a reduction in risk rates by Moody’s, S&P and Fitch.

Pakistan is listed in “grey list” on 2018 July . The FATF at present has 35 members and two Regional organizations – the European Commission and the Gulf Cooperation Council. North Korea and Iran are in the FATF blacklist.

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