Pak to remain in `grey` list of FATF till Feb 2021

  • Pak to remain in `grey` list of FATF till Feb 2021

Pak to remain in `grey` list of FATF till Feb 2021

The FATF had put Pakistan on its "grey list" in 2018 for failing to contain terror financing in the country.

"This is indicative of the confidence of FATF on the efforts of Pakistani government", said a Finance Ministry statement issued in Islamabad.

They were confident that there are "minimal chances" of Islamabad being placed on the blacklist, the report said.

"FATF will send a team for onsite visit once Pakistan complies with the remaining six conditions".

Separately on Friday, Iceland and Mongolia were taken off FATF's list of countries under increased monitoring. It said an on-site visit by the FATF would only be done once Islamabad fulfills all conditions and only then Pakistan will have the curbs lifted.

The points on which Pakistan failed to deliver included its lack of action against the charitable organisations or non-profit organisations linked to the terror groups banned by the UN Security Council; and delays in the prosecution of banned individuals and entities like Lashkar-e-Taiba (LeT) chief Hafiz Saeed and LeT operations chief, Zaki Ur Rahman Lakhvi, as well as Jaish-e- Mohammad chief Masood Azhar.

Besides, sources said, FATF has noted that there was sudden disappearance of the names of more than 4,000 terrorists from its original list of 7,600 under Schedule IV of its Anti Terrorism Act.

"We are expecting a positive nod from the FATF's apex body", he said.

"The government of Pakistan has signalled its commitment to complete the rest of its action plan".

India also accused Pakistan on Thursday of continuously aiding cross-border terrorism and narcotics smuggling "including through usage of drones and quad-copters".

With Pakistan's continuation in the grey list, it is becoming increasingly hard for Islamabad to get financial aid from the International Monetary Fund (IMF), World Bank, Asian Development Bank (ADB) and the European Union, thus further enhancing problems for the neighbouring country which is in a precarious financial situation.

The FATF finally made a decision to keep Pakistan in the "greylist", as was earlier reported by The Hindu.

"It needs to continue to carry out reforms, in particular to implement targeted financial sanctions and prosecute and sanction those financing terrorism".

In all these points, Pakistan " s progress was slow, sources said.

"Since June 2018, Pakistan made a high-level political commitment to work with the FATF and the APG to strengthen its AML/CFT regime and to address its strategic counter-terrorist financing-related deficiencies".

Sources said that Pakistan has complied 21 out of 27 FATF action points with six still remaining to be implemented.

Pakistan's position will be up for review in the next meeting of the FATF to be held in February next year.

Not only that, it had opposed Pakistan's exit from the grey list. To avoid the blacklist, it needs the support of three countries. China, Turkey and Malaysia are its consistent supporters.

He also claimed that Pakistan had complied with at least 21 points out of the 27 points mentioned in the action plan, hoping that the world would acknowledge the steps taken by the country. If the FATF in its meeting finds that Pakistan has failed to meet its requirements, there is every possibility that the global body may put the country in the "Black List" along with North Korea and Iran.

An worldwide agency fighting illicit financing has urged Pakistan to deliver on its remaining commitments by February 2021 to curb money laundering and funding sources to terrorist groups.