President of FATF addressed the Virtual Press Conference on 25th June 2021:
FATF (Financial action task force) reported that Pakistan will remain under the Grey List, also called watchdog’s increased monitoring list. In fact, Dr. Marcus Pleyer, president of FATF announces this decision after a five-day plenary discussion. Moreover, he said:
“With no offense, Pakistan has made noticeable progress. It has hugely addressed 26 out of 27 items on the action plan”. Furthermore, the President of FATF said that besides this progress, Pakistan still needs improvement regarding the investigation as well as prosecution of Financial Terrorism. Also, the country needs to investigate the senior leaders of the terror groups that are designated at the United Nations.
Separate procedures have been taking place over the past few years in Pakistan:
Talking about 2019, when FATF along with the collaboration with APG (Asia Pacific Group), indicated several crucial matters when they are assessing the overall anti-money laundering as well as the counter-terrorist financing system of Pakistan.
Although Pakistan has improved in many departments by making efforts to raise awareness among the private sectors regarding money laundering risks as well as creating and implementing the financial intelligence to develop cases.
Still, Pakistan is not able to meet the standards of FATF by now. It requires improvement and more awareness regarding this matter. In fact, there is still a high ratio of money laundering in Pakistan. Moreover, if this issue is not resolved, it will be transformed into corruption or criminal cases.
Due to this reason, the Financial action task force collaborated with the government of Pakistan to work on the weak areas in order to bring improvements. This action mainly works on the money laundering risks.
Conclusion:
As Pakistan has not met the expectations of the Financial Action Task Force so its President declared Pakistan to remain on its Grey list by now. Later on, if Pakistan improves its money-laundering system, it might be free from this list.
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