FATF expresses reservations over Pakistan's steps for assigned action plan
FATF expressed reservations and suggested 10 new points to Pakistan to help address its strategic deficiencies
June 22, 2019
ORLANDO/KARACHI: The Financial Action Task Force (FATF) expressed its reservations over the steps taken by Pakistan for the Assigned Action Plan, it said in a statement issued post-meeting late Friday, a copy of which was available with Geo News.
In its statement, the FATF further suggested at least ten points for Pakistan to "continue working on implementing its action plan to address its strategic deficiencies".
It noted that Pakistan had to complete its steps for the Assigned Action Plan by January 2019 but it failed to do so even by May 2019. Islamabad, the statement added, was urged to swiftly complete the promised action plan by October 2019, which is when the last set of action plan items are set to expire.
October 2019 is also when the FATF would decide on the next in case of "insufficient progress".
The FATF underscored that Pakistan had made high-level political commitments in June 2018, when it had assured to improve anti-money laundering and combating the financing of terrorism (AML/CFT) and to tackle strategic deficiencies.
The 10 new points, on the other hand, suggested for Pakistan to work on to address its strategic deficiencies include taking adequate action to combat terror-financing, increasing the supervision of cases on a risk-sensitive basis, strengthening the supervision of illegal money or value transfer services (MVTS), improving the coordination on provincial and federal levels.
The new points also summarily suggest to Pakistan to assure that its law enforcement agencies (LEAs) identify cash couriers and their related risk for terror-financing and identify, investigate, and target designated persons and entities and those acting on behalf of the said designated persons and entities.
Also included among the suggestions are enhancing the capacity and support for prosecutors and the judiciary, making sure the prosecutions result in effective sanctions, the identification and freezing of assets and prohibiting access to funds to 1,267 banned organisations and 1,373 designated terrorists, and seizing designated terrorists’ movable and immovable assets.
