A 27-point action plan was prepared for Pakistan. Which it has completely failed to implement.
The name of Imran’s new Pakistan is in the gray list of FATF (Pakistan in Gray List)
Pakistan is struggling to get out of the gray list of FATF. In this sequence, the Anti-Corruption Watchdog has set up an Anti-Money Laundering and Terror Financing Cell to investigate financial crimes and illegal transfer of resources. The Paris-based Financial Action Task Force (FATF) placed Pakistan on the gray list in June 2018 and asked Islamabad to implement an action plan to curb money laundering and terror financing by the end of 2019 Due to which this time limit was extended.
Pakistan’s Dawn newspaper reported on Monday that the country’s NAB, which is struggling to get out of the gray list of FATF, has taken this action. The move comes after the FATF kept Pakistan on its ‘grey list’ for failing a money laundering probe last month. It also asked Pakistan to investigate and prosecute senior leaders and commanders of the UN-designated terror group, including Hafiz Saeed and Masood Azhar.
SAIL to stop money laundering and terror financing
The organization had also asked Pakistan to work to address strategically important deficiencies. After deciding on the termination of the FATF’s virtual plenary, FATF President Marcus Pleier said on June 25 that Pakistan would continue to be on the “enhanced watch list”. This ‘monitoring list’ is called the ‘grey list’.
A senior official told the newspaper that the Anti-Money Laundering and Combating the Financing of Terrorism (AML&CFT) cell will coordinate with the FATF Secretariat and relevant stakeholders to prevent money laundering and terror financing. The report said that the Federal Investigation Agency (FIA) will still be the main responsibility of investigating terrorism financing cases.
Big loss to Pakistan
According to the estimates of the Government of Pakistan, the country is losing about 10 billion dollars every year due to inclusion in the gray list of FATF. Most of the people who have been included in the list of international terrorists by the United Nations, live in this country. Joining the UN Terror List leads to the confiscation of terrorist assets, a ban on travel and weapons. Last month, Pakistan approved laws like Counter Terror Financing (CTF) and Anti Money Laundering (AML) to get out of the gray list of FATF.
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