Pakistan remains under FATF’s “Increased Monitoring”

LAHORE: (Web Desk) Pakistan has still to get rid of the Financial Action Task Force’s (FATF) grey list as it remain under “increased monitoring” despite tremendous efforts to fulfill the FATF criteria.

The FATF, however, recognises Pakistan’s progress and efforts pertaining to combating financing of terror and encourages it to continue progress and address “the one remaining CFT-related item” as soon as possible.

FATF President Dr Marcus Pleyer said while addressing a press conference that Pakistan would remain under “increased monitoring.”

“The Pakistani government has made substantial progress in making its counter-terrorist financing systems stronger and more effective. It has largely addressed 26 out of 27 items on the action plan it first committed to in June 2018,” Dr Pleyer added.

“Investigation and prosecution of senior leaders and commanders of UN designated terror groups” is the one key action item that still needs to be addressed and completed, the FATF President explained further.

According to FATF President Dr Pleyer Pakistan “made improvements” in its efforts against the anti-money laundering and counter terrorist financing system after the Asia Pacific Group (APG) highlighted issues in 2019 during its assessment of Pakistan’s entire anti-money laundering and counter terrorist financing.

He said, “However Pakistan is still failing to effectively implement the global FATF standards across a number of areas. This means the risks of money laundering remain high which in turn can fuel corruption and organised crime.”

Dr Player said that this is why the FATF has worked with the Pakistan government on new areas that still need to be improved as part of a new action plan that largely focuses on money laundering risks.