Pakistan submits implementation report of FATF action plan: sources

ISLAMABAD: Pakistan has expedited efforts to come out of the grey list as the country submitted a report of its final quarter of the year to the Financial Action Task Force (FATF) authorities, citing sources, ARY News reported on Tuesday.

The Paris-based FATF will make an initial review of the implementation report submitted by Pakistan on December 7 for its action plan for uprooting money laundering and terror financing.

Sources said that Islamabad has submitted a detailed report over the implementation of FATF action plan which would highlight the solid steps taken by the government for anti-money laundering and terror financing.

Read: Pakistan to achieve all FATF targets by next year: Hammad Azhar

The report provided details to the international body regarding the investigation into more than 700 cases of terror financing and actions taken against dozens of persons involved in providing financial assistance to the banned outfits. The government has also tightened the noose around the persons who were funding terrorists, sources added.

The assets of outlawed organisations had been taken into the custody of the government and further investigation is underway against the owners of the expensive properties, the report said.

Sources said that the international body will send a questionnaire to the Pakistani authorities after reviewing the implementation report, which will be presented in the upcoming meeting of FATF for debate in the next month, sources said.

Read: China censures FATF’s politicization, counters anti-Pakistan designs

On October 18, while acknowledging the country’s recent improvements, Financial Action Task Force (FATF) had formally announced that Pakistan will remain on its grey list till February 2020.

The global watchdog while recognizing Pakistan’s progress towards money laundering and terror financing, said: “The FATF strongly urges Pakistan to swiftly complete its full action plan by February 2020.”

“Otherwise, should significant and sustainable progress not be made across the full range of its action plan by the next Plenary, the FATF will take action,” the statement cautioned.

Read: ‘FATF Cell’ established in interior ministry to help complete action plan

“Since June 2018, when Pakistan made a high-level political commitment to work with the FATF and the Asia-Pacific Group (APG) to strengthen its anti-money laundering (AML) and counter-terror financing (CTF) regime and to address its strategic counter-terrorist financing-related deficiencies, Pakistan has made progress towards improving its AML/CFT regime, including the recent development of its money laundering/terror financing risk assessment,” the FATF conceded.

“Pakistan should continue to work on implementing its action plan to address its strategic deficiencies,” the statement added.

On Oct 14, a Pakistani delegation headed by Federal Minister for Economic Affairs Hammad Azhar attended a crucial session of the Financial Action Task Force in Paris. The mission apprised the meeting that Pakistan has made positive progress in 20 out of twenty-seven points.

In the session, China, Turkey and Malaysia appreciated Pakistan’s steps taken out in accordance with the FATF’s action plan.