ISLAMABAD – British High Commissioner Thomas Drew has appreciated the steps taken by Pakistan after its name was placed on Financial Action Task Force (FATF) grey-list.
“We have offered technical assistance to Pakistan for tackling the grey-list matter,” Drew said while addressing a ceremony in Islamabad.
He said that Britain will continue to take interest in the stability of Pakistan, adding that resolution of Kashmir issues will be beneficial for both Pakistan and India. He said that Pakistan is being portrayed by international media in the wrong way.
In June, the FATF formally placed Pakistan on the grey-list due to ‘strategic deficiencies’ in its anti-money laundering and terrorist financing regime.
https://en.dailypakistan.com.pk/headline/fatf-put-pakistan-on-grey-list-by-ignoring-efforts-against-terror-financing/
Pakistan’s name was placed on the list despite the efforts made by the country to curb the illegal channels of transactions.
The highly anticipated decision was taken by the FATF Plenary that met in Paris from June 24 to 29, 2018. The global body took the decision on the basis of a monitoring report of the International Cooperation Review Group (ICRG).
Meanwhile, the newly-elected government of Pakistan Tehreek-e-Insaf (PTI) has vowed that Pakistan would finally be out of the Financial Action Task Force (FATF) grey-list as September 2019 was the deadline for compliance with the body.
Answering a calling attention notice in the Senate, Finance Minister Asad Umar affirmed that the negotiated action plan with the FATF would be implemented.
The recently appointed finance minister elaborated that 27 deficiencies in five broad categories had been identified in Pakistan’s anti-money laundering and terror financing regime, adding that the basic sectors identified were currency smuggling, hawala and financing to outlawed organisations.
https://en.dailypakistan.com.pk/headline/pakistan-would-be-out-of-fatf-grey-list-affirms-finance-minister-asad-umar/
The minister expressed that there was nothing we [Pakistan] could not comply with, saying FATF or no FATF, it was in our own national interest.
The lawmaker apprised the House that a national executive committee had been formed to deal with the issue which included representatives from the Securities and Exchange Commission of Pakistan (SECP), National Accountability Bureau (NAB), Federal Investigation Agency (FIA) and other relevant institutions.
The first review meeting would be held in Jakarta on Sept 11 and 12, explained the minister.
