scorecardresearch
FATF keeps Pakistan under 'increased monitoring', but says it's making progress

FATF keeps Pakistan under 'increased monitoring', but says it's making progress

As per FATF, Pakistan's "continued political commitment" has led to significant progress across a comprehensive CFT (combating the financing of terrorism) action plan.

The FATF has said some "serious issues" remain in Turkey. Photo: Reuters The FATF has said some "serious issues" remain in Turkey. Photo: Reuters

The global intergovernmental organisation Financial Action Task Force (FATF) has kept Pakistan under "increased monitoring (Grey List)", while saying the neighbouring country is making good progress. It said Pakistan's most recent action plan conducted in June focused on "money laundering".

As per FATF, since June 2018, when Pakistan made a "high-level political commitment" to work with it and APG (Asia/Pacific Group on Money Laundering), its "continued political commitment" has led to significant progress across a comprehensive CFT action plan.

The country has completed 26 of the 27 action items in its 2018 action plan. It has reported some steps. "The FATF encourages Pakistan to continue to make progress to address as soon as possible, the one remaining CFT-(combating the financing of terrorism)-related item by continuing to demonstrate that TF investigations and prosecutions target senior leaders and commanders of UN designated terrorist groups," the global intergovernmental organisation said.

It said since June 2021, Pakistan has taken "swift steps" towards improving its AML/CFT regime, including by enacting legislative amendments to enhance its international cooperation framework.

As per FATF, Pakistan should continue to work to address AML/CFT (anti-money laundering and combating the financing of terrorism) deficiencies like providing evidence that it actively seeks to enhance the impact of sanctions beyond its jurisdiction by nominating additional individuals and entities for designation at the UN.

It should also work towards demonstrating an increase in money laundering investigations and prosecutions and that proceeds of crime continue to be restrained and confiscated in line with Pakistan’s risk profile, said FATF.

Meanwhile, Mauritius has been removed from the Gray List. Other countries like Jorden, Mali and Turkey are the ones added to the Grey List. The FATF has said some "serious issues" remain in Turkey, which is why it has been added to the Grey List.

Also read: Pak govt sets up committee to study cryptocurrency regulation
Also read: Jhunjhunwala, Damani and other big investors increased stake in these firms in Q2; do you own any?