UzmanBeast
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In this case, it is addressed or unaddressed.
Surprising that Pakistan still hasn't met all the objectives.
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Contact the PP Team
Pakistan '1 Step Away' from Exiting Watchdog FATF's 'Grey List' : Sources [Post#575]
- Thread starter Rishikesh
- Start date
In this case, it is addressed or unaddressed.
Surprising that Pakistan still hasn't met all the objectives.
This is your own interpretation. Many countries are not fully compliant either.
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US notes Islamabad’s efforts to meet FATF demands
WASHINGTON: The annual US report on terrorism acknowledged on Thursday that Pakistan took steps in 2020 to counter terrorism financing, restrain India-focused militant groups and to meet demands of the Financial Action Task Force (FATF).
Pakistan continued to experience terrorist attacks last year, said the report. Pakistani military and security forces undertook counterterrorism operations against groups that conducted attacks within Pakistan, such as the banned Tehreek-i-Taliban Pakistan (TTP), the militant Islamic State (IS) group and Balochistan Liberation Army.
“Pakistan took steps in 2020 to counter terror financing and restrain India-focused militant groups from conducting attacks. Pakistan convicted Lashkar-e-Taiba (LeT) founder Hafiz Saeed and four other senior LeT leaders in multiple terrorism financing cases,” the report said.
Although the report acknowledged Pakistan’s efforts to counter terrorism, it claimed that groups targeting Afghanistan and India — such as the Haqqani Network, LeT, and Jaish-e-Mohammed (JeM) — continued to operate from Pakistani territory.
“Pakistan did not take action against other known terrorists such as JeM founder and UN-designated terrorist Masood Azhar and 2008 Mumbai attack ‘project manager’ Sajid Mir, both of whom are believed to remain free in Pakistan,” the report added.
But it also acknowledged that “Pakistan did make positive contributions to the Afghanistan peace process, such as encouraging Taliban reductions in violence”.
Noting Pakistan’s efforts to meet the demands put forth by FATF, the report noted: “Pakistan made additional progress in 2020 toward completing its FATF Action Plan, but did not complete all Action Plan items and remained on the FATF ‘grey list’.”
In a separate chapter titled “Support for Pakistan”, the report said the US government recognised Pakistan’s role in Afghanistan and broader regional security, and “urges Pakistan to dismantle terrorist groups within its territory”.
It pointed out that the United States “cooperates with Pakistan on counterterrorism operations, which has helped Pakistan reclaim parts of the country previously held by militant groups”.
Yet, TTP and other designated terrorist groups “continue to conduct attacks against Pakistani military and civilian targets”, said the report, adding that “while Pakistan has taken some action against these designated terrorist organisations, some externally focused terrorist groups continue to find safe haven in Pakistan”.
That’s why “the US government continues to suspend most of its security assistance to Pakistan. That suspension remained in effect throughout 2020”, said the report.
Despite the restriction, however, the US government maintained a civilian assistance portfolio on a focused set of priorities, the report added. “Civilian assistance continued to prioritise civil society; people-to-people exchanges; stabilisation and development on the Afghanistan-Pakistan border; trade and economic growth,
including partnering with US businesses; law enforcement, counterterrorism.”
The counterterrorism efforts included countering terrorist financing and related anti-money laundering, nonproliferation cooperation; and polio and other infectious diseases, including Covid-19.
The report explained that the emphasis of US civilian assistance to Pakistan remained on sustainable development and capacity-building, and on leveraging trade and private sector investment, where possible.
It also encouraged partnership and a long-term positive impact for the Pakistani people.
People-to-people exchanges, which largely shifted to virtual exchanges during Covid-19, help promote mutual understanding and bilateral ties.
“The United States supported civilian law enforcement and the rule of law to help Pakistan disrupt transnational organised crime and terrorist networks and provide security and justice for Pakistani citizens,” the report added.
US Secretary of State Antony Blinken, who released the report in Washington, warned that globally “both the number of terrorist attacks and the overall number of fatalities from those attacks increased by more than 10 per cent”.
He attributed this increase to “the spread of IS branches and networks and Al Qaeda affiliates, particularly in Africa”.
Published in Dawn, December 17th, 2021
WASHINGTON: The annual US report on terrorism acknowledged on Thursday that Pakistan took steps in 2020 to counter terrorism financing, restrain India-focused militant groups and to meet demands of the Financial Action Task Force (FATF).
Pakistan continued to experience terrorist attacks last year, said the report. Pakistani military and security forces undertook counterterrorism operations against groups that conducted attacks within Pakistan, such as the banned Tehreek-i-Taliban Pakistan (TTP), the militant Islamic State (IS) group and Balochistan Liberation Army.
“Pakistan took steps in 2020 to counter terror financing and restrain India-focused militant groups from conducting attacks. Pakistan convicted Lashkar-e-Taiba (LeT) founder Hafiz Saeed and four other senior LeT leaders in multiple terrorism financing cases,” the report said.
Although the report acknowledged Pakistan’s efforts to counter terrorism, it claimed that groups targeting Afghanistan and India — such as the Haqqani Network, LeT, and Jaish-e-Mohammed (JeM) — continued to operate from Pakistani territory.
“Pakistan did not take action against other known terrorists such as JeM founder and UN-designated terrorist Masood Azhar and 2008 Mumbai attack ‘project manager’ Sajid Mir, both of whom are believed to remain free in Pakistan,” the report added.
But it also acknowledged that “Pakistan did make positive contributions to the Afghanistan peace process, such as encouraging Taliban reductions in violence”.
Noting Pakistan’s efforts to meet the demands put forth by FATF, the report noted: “Pakistan made additional progress in 2020 toward completing its FATF Action Plan, but did not complete all Action Plan items and remained on the FATF ‘grey list’.”
In a separate chapter titled “Support for Pakistan”, the report said the US government recognised Pakistan’s role in Afghanistan and broader regional security, and “urges Pakistan to dismantle terrorist groups within its territory”.
It pointed out that the United States “cooperates with Pakistan on counterterrorism operations, which has helped Pakistan reclaim parts of the country previously held by militant groups”.
Yet, TTP and other designated terrorist groups “continue to conduct attacks against Pakistani military and civilian targets”, said the report, adding that “while Pakistan has taken some action against these designated terrorist organisations, some externally focused terrorist groups continue to find safe haven in Pakistan”.
That’s why “the US government continues to suspend most of its security assistance to Pakistan. That suspension remained in effect throughout 2020”, said the report.
Despite the restriction, however, the US government maintained a civilian assistance portfolio on a focused set of priorities, the report added. “Civilian assistance continued to prioritise civil society; people-to-people exchanges; stabilisation and development on the Afghanistan-Pakistan border; trade and economic growth,
including partnering with US businesses; law enforcement, counterterrorism.”
The counterterrorism efforts included countering terrorist financing and related anti-money laundering, nonproliferation cooperation; and polio and other infectious diseases, including Covid-19.
The report explained that the emphasis of US civilian assistance to Pakistan remained on sustainable development and capacity-building, and on leveraging trade and private sector investment, where possible.
It also encouraged partnership and a long-term positive impact for the Pakistani people.
People-to-people exchanges, which largely shifted to virtual exchanges during Covid-19, help promote mutual understanding and bilateral ties.
“The United States supported civilian law enforcement and the rule of law to help Pakistan disrupt transnational organised crime and terrorist networks and provide security and justice for Pakistani citizens,” the report added.
US Secretary of State Antony Blinken, who released the report in Washington, warned that globally “both the number of terrorist attacks and the overall number of fatalities from those attacks increased by more than 10 per cent”.
He attributed this increase to “the spread of IS branches and networks and Al Qaeda affiliates, particularly in Africa”.
Published in Dawn, December 17th, 2021
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FATF
The US also acknowledged Pakistan’s “additional progress in 2020” to curb terror financing and money laundering in compliance with the action plan of the Financial Action Task Force (FATF) to get off the grey list.
In October, the FATF had refused to remove Pakistan from the grey list, saying Islamabad needed to meet the “strategically important” condition about nominating entities and individuals, who should be put on the UN list of terror outfits and persons.
https://tribune.com.pk/story/233434...RCMHZFeS1HVnpTSTdlOXdJV19VSmJRbzRROVktUFZYUlI
The US also acknowledged Pakistan’s “additional progress in 2020” to curb terror financing and money laundering in compliance with the action plan of the Financial Action Task Force (FATF) to get off the grey list.
In October, the FATF had refused to remove Pakistan from the grey list, saying Islamabad needed to meet the “strategically important” condition about nominating entities and individuals, who should be put on the UN list of terror outfits and persons.
https://tribune.com.pk/story/233434...RCMHZFeS1HVnpTSTdlOXdJV19VSmJRbzRROVktUFZYUlI
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Foreign Minister Shah Mahmood Qureshi called on Thursday for immediate and robust national and international action to curb illicit financial flows from the developing world to financial safe-havens.
The minister made the remarks during his address to the 7th international seminar jointly organized by the Organisation of Islamic Cooperation (OIC) and Independent Permanent Human Rights Commission on 'Combating Corruption - A Pre-Requisite for the full realization of All Human Rights and Sustainable Development'.
FM Qureshi maintained that in line with Prime Minister Imran Khan’s vision, fighting corruption and ensuring the protection of all human rights were the top priorities of the incumbent government.
“Corruption is an enormous obstacle to the realisation of all human rights - civil, political, economic and cultural - as well as the right to development.” he said, adding that corruption struck at the very root of good governance and democracy.
He further stated that corruption eroded public trust in the legitimacy of state institutions, undermined the rule of law and violated the values of transparency, accountability, justice and fair play.
“It also undermines the successful implementation of all 17 sustainable development goals by hampering economic growth, increasing inequality and inhibiting prosperity,” the foreing minister added.
According to Qureshi, corruption stifled opportunities for the poor and marginalised and condemned them to a life of misery and inequality.
“Corruption leads to massive illicit financial flows out of developing countries,” he reiterated.
The FM further said that in addition to deadweight economic losses, corruption created inefficiencies and skewed the allocation of public resources from those who were most in need.
He stated that the United Nations high-level panel on financial accountability, transparency and integrity has calculated a staggering $7 trillion in stolen assets, which are parked in financial safe havens.
“This organised theft and illegal transfer of assets has profound consequences for developing nations,” he said, adding that the “stolen money” could be spent to meet development needs.
“The Covid-19 pandemic has further widened existing inequalities, pushed millions of people into extreme poverty and resulted in the loss of millions of jobs,” he said.
FM Qureshi maintained that allowing corruption and illicit financial flows to continue under current circumstances was nothing short of “criminal”.
He highlighted that 15 years had passed since the adoption of the UN Convention Against Corruption (UNCAC) which was the only legally binding instrument of anti-corruption.
“Unfortunately, despite explicit provisions, there are increased barriers in the asset recovery process as well as their return to countries of origin,” Qureshi said.
“Curbing illicit financial flows, and recovering and returning stolen assets can contribute to effective resource mobilisation for achieving Sustainable Development Goals”.
He emphasised that requested states should return the recovery assets “without conditionality” to states of origin, and the possibility of an additional protocol on asset recovery under UNCAC should be explored.
He further stated that corruption should simultaneously be pursued as a human rights issue and that pursuing a human-based approach to corruption can help complement the efforts to combat corruption and promote more effective implementation of international anti-corruption instruments.
“So long as corruption remains undefeated, efforts to promote the realisation of human rights can achieve little,” Qureshi maintained.
The foreign minister also said that fighting corruption in the Islamic context is rooted in the Holy Quran and the teachings of the Prophet Muhammad (PBUH), both address “major types of corruption” such as bribery, extortion, nepotism and favouritism.
https://tribune.com.pk/story/233741...illicit-financial-flows-from-developing-world
The minister made the remarks during his address to the 7th international seminar jointly organized by the Organisation of Islamic Cooperation (OIC) and Independent Permanent Human Rights Commission on 'Combating Corruption - A Pre-Requisite for the full realization of All Human Rights and Sustainable Development'.
FM Qureshi maintained that in line with Prime Minister Imran Khan’s vision, fighting corruption and ensuring the protection of all human rights were the top priorities of the incumbent government.
“Corruption is an enormous obstacle to the realisation of all human rights - civil, political, economic and cultural - as well as the right to development.” he said, adding that corruption struck at the very root of good governance and democracy.
He further stated that corruption eroded public trust in the legitimacy of state institutions, undermined the rule of law and violated the values of transparency, accountability, justice and fair play.
“It also undermines the successful implementation of all 17 sustainable development goals by hampering economic growth, increasing inequality and inhibiting prosperity,” the foreing minister added.
According to Qureshi, corruption stifled opportunities for the poor and marginalised and condemned them to a life of misery and inequality.
“Corruption leads to massive illicit financial flows out of developing countries,” he reiterated.
The FM further said that in addition to deadweight economic losses, corruption created inefficiencies and skewed the allocation of public resources from those who were most in need.
He stated that the United Nations high-level panel on financial accountability, transparency and integrity has calculated a staggering $7 trillion in stolen assets, which are parked in financial safe havens.
“This organised theft and illegal transfer of assets has profound consequences for developing nations,” he said, adding that the “stolen money” could be spent to meet development needs.
“The Covid-19 pandemic has further widened existing inequalities, pushed millions of people into extreme poverty and resulted in the loss of millions of jobs,” he said.
FM Qureshi maintained that allowing corruption and illicit financial flows to continue under current circumstances was nothing short of “criminal”.
He highlighted that 15 years had passed since the adoption of the UN Convention Against Corruption (UNCAC) which was the only legally binding instrument of anti-corruption.
“Unfortunately, despite explicit provisions, there are increased barriers in the asset recovery process as well as their return to countries of origin,” Qureshi said.
“Curbing illicit financial flows, and recovering and returning stolen assets can contribute to effective resource mobilisation for achieving Sustainable Development Goals”.
He emphasised that requested states should return the recovery assets “without conditionality” to states of origin, and the possibility of an additional protocol on asset recovery under UNCAC should be explored.
He further stated that corruption should simultaneously be pursued as a human rights issue and that pursuing a human-based approach to corruption can help complement the efforts to combat corruption and promote more effective implementation of international anti-corruption instruments.
“So long as corruption remains undefeated, efforts to promote the realisation of human rights can achieve little,” Qureshi maintained.
The foreign minister also said that fighting corruption in the Islamic context is rooted in the Holy Quran and the teachings of the Prophet Muhammad (PBUH), both address “major types of corruption” such as bribery, extortion, nepotism and favouritism.
https://tribune.com.pk/story/233741...illicit-financial-flows-from-developing-world
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US Department of Financial Services announces $35 million penalty for National Bank of Pakistan for compliance failure, continuing business in an unsafe/unsound manner, disregard for financial regulatory warning and failure to comply with Anti-Money laundering program.
Superintendent of Financial Services Adrienne A. Harris announced today that the National Bank of Pakistan (“the Bank”) and its New York branch (“the Branch”) have agreed to pay $35 million in penalties pursuant to a Consent Order entered into with the New York State Department of Financial Services (“DFS” or the “Department”). The Consent Order resolves the Department’s investigation into compliance deficiencies at the Branch with respect to Bank Secrecy Act/Anti-Money Laundering (“BSA/AML”) requirements.
“The National Bank of Pakistan allowed serious compliance deficiencies in its New York branch to persist for years despite repeated regulatory warnings,” said Superintendent Harris. “Foreign banks that enjoy the privilege of operating in New York have an obligation to maintain effective controls, and the Department will continue to promote financial transparency and take action to protect the global financial system when those obligations are not met.”
Following examinations conducted by the Department and the Federal Reserve Bank of New York (“FRBNY”) in 2014 and 2015, the New York branch was found to have inadequate BSA/AML compliance programs, serious issues with its transaction monitoring system, and significant shortcomings in managerial oversight. As a result, in 2016, the Department and the FRBNY took enforcement action against the Bank in the form of a Written Agreement in which the Bank acknowledged its oversight and compliance deficiencies and agreed to remediate them.
As reflected in the examinations following the Written Agreement, however, the Branch’s overall condition and its risk management and compliance programs continued to deteriorate. These continued failures revealed that the Branch’s senior management were unwilling or unable to promote a culture of compliance, adequate resources were not provided for compliance programs, and the Bank failed to adequately supervise the Branch by allowing problems to worsen year after year. The conditions at the Branch demonstrated severe weaknesses, and unsafe, unsound conditions requiring urgent restructuring.
Under the settlement reached today, in addition to payment of a $35 million penalty, the National Bank of Pakistan will be required to create a written plan, acceptable to the Department, detailing enhancements to the policies and procedures of the Bank’s BSA/AML compliance program, its Suspicious Activity Monitoring and Reporting program, and its customer due diligence requirements. Additionally, at the Department’s discretion, the Bank may be required to engage an independent consultant to conduct a comprehensive evaluation of the Bank and the Branch’s remediation efforts — an evaluation that could lead to the imposition of a full monitorship.
DFS acknowledges the Bank’s cooperation with the investigation and its ongoing remedial efforts.
The Department coordinated this investigation with the FRBNY which has reached a separate settlement with the Bank.
Please read a copy of the consent order on the DFS website.
https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202202241
Superintendent of Financial Services Adrienne A. Harris announced today that the National Bank of Pakistan (“the Bank”) and its New York branch (“the Branch”) have agreed to pay $35 million in penalties pursuant to a Consent Order entered into with the New York State Department of Financial Services (“DFS” or the “Department”). The Consent Order resolves the Department’s investigation into compliance deficiencies at the Branch with respect to Bank Secrecy Act/Anti-Money Laundering (“BSA/AML”) requirements.
“The National Bank of Pakistan allowed serious compliance deficiencies in its New York branch to persist for years despite repeated regulatory warnings,” said Superintendent Harris. “Foreign banks that enjoy the privilege of operating in New York have an obligation to maintain effective controls, and the Department will continue to promote financial transparency and take action to protect the global financial system when those obligations are not met.”
Following examinations conducted by the Department and the Federal Reserve Bank of New York (“FRBNY”) in 2014 and 2015, the New York branch was found to have inadequate BSA/AML compliance programs, serious issues with its transaction monitoring system, and significant shortcomings in managerial oversight. As a result, in 2016, the Department and the FRBNY took enforcement action against the Bank in the form of a Written Agreement in which the Bank acknowledged its oversight and compliance deficiencies and agreed to remediate them.
As reflected in the examinations following the Written Agreement, however, the Branch’s overall condition and its risk management and compliance programs continued to deteriorate. These continued failures revealed that the Branch’s senior management were unwilling or unable to promote a culture of compliance, adequate resources were not provided for compliance programs, and the Bank failed to adequately supervise the Branch by allowing problems to worsen year after year. The conditions at the Branch demonstrated severe weaknesses, and unsafe, unsound conditions requiring urgent restructuring.
Under the settlement reached today, in addition to payment of a $35 million penalty, the National Bank of Pakistan will be required to create a written plan, acceptable to the Department, detailing enhancements to the policies and procedures of the Bank’s BSA/AML compliance program, its Suspicious Activity Monitoring and Reporting program, and its customer due diligence requirements. Additionally, at the Department’s discretion, the Bank may be required to engage an independent consultant to conduct a comprehensive evaluation of the Bank and the Branch’s remediation efforts — an evaluation that could lead to the imposition of a full monitorship.
DFS acknowledges the Bank’s cooperation with the investigation and its ongoing remedial efforts.
The Department coordinated this investigation with the FRBNY which has reached a separate settlement with the Bank.
Please read a copy of the consent order on the DFS website.
https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202202241
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Pakistan to remain on FATF's grey list
Pakistan should continue to be in the Financial Action Task Force (FATF) "grey list" on the upcoming Plenary Session scheduled in Paris from 21 February to 4 March this year, according to a media report.
Paris-based money-laundering watchdog, FATF placed Pakistan on the "grey list" in June 2018 for its failure to address the problem of terrorism financing.
Since then, Pakistan's performance has been under periodic review. But every time, it is found to be deficient in its efforts, reported Islam Khabar.
In the last meeting of the FATF in October 2021, Pakistan was once again retained on the "grey list" because it failed to prosecute and confiscate the assets of United Nations-designated terrorists.
FATF officials had also noted that Pakistan was still failing to effectively implement the global FATF standard across several areas, creating a high risk of money laundering.
Commenting on the action plan devised in 2018 which focused on terror financing, the FATF President had said that Pakistan was still assessed to have largely addressed 26 out of 27 items, Islam Khabar reported.
"Pakistan has taken a number of important steps but needs to further demonstrate that investigations and prosecutions are being pursued against the senior leadership of UN-designated terror groups," he said.
Given this situation, Pakistan will once again present its case before the FATF when the body holds its Plenary Session in Paris from 21 February to 4 March 2022.
The main effort will be to convince the FATF that it has delivered on all the high-level commitments it had made, not just in terms of tightening the domestic laws and regulations but also in terms of successfully prosecuting and punishing people involved in money laundering and terror finance.
There is a simple reason for Pakistan being in the "grey list" that Pakistan's deep state, led by the ISI and the Army, is at the forefront of carrying out illegal terrorist activities and promoting terror globally.
The latest emerging news from the UK, which was published in Dawn on January 28, to know what Pakistan is up to.
A British-Pakistani man, Mohammed Gohir Khan has been charged for trying to assassinate the dissident blogger, Ahmad Waqass Goraya, based in the Netherlands.
This leads to the question of the reopening of enquiry into the death of Karima Baloch, an ardent campaigner for an independent Balochistan, whose body was found in a lake in Canada in December 2020.
https://www.business-standard.com/article/international/pakistan-should-continue-to-be-placed-in-fatf-grey-list-says-report-122021501370_1.html
Pakistan should continue to be in the Financial Action Task Force (FATF) "grey list" on the upcoming Plenary Session scheduled in Paris from 21 February to 4 March this year, according to a media report.
Paris-based money-laundering watchdog, FATF placed Pakistan on the "grey list" in June 2018 for its failure to address the problem of terrorism financing.
Since then, Pakistan's performance has been under periodic review. But every time, it is found to be deficient in its efforts, reported Islam Khabar.
In the last meeting of the FATF in October 2021, Pakistan was once again retained on the "grey list" because it failed to prosecute and confiscate the assets of United Nations-designated terrorists.
FATF officials had also noted that Pakistan was still failing to effectively implement the global FATF standard across several areas, creating a high risk of money laundering.
Commenting on the action plan devised in 2018 which focused on terror financing, the FATF President had said that Pakistan was still assessed to have largely addressed 26 out of 27 items, Islam Khabar reported.
"Pakistan has taken a number of important steps but needs to further demonstrate that investigations and prosecutions are being pursued against the senior leadership of UN-designated terror groups," he said.
Given this situation, Pakistan will once again present its case before the FATF when the body holds its Plenary Session in Paris from 21 February to 4 March 2022.
The main effort will be to convince the FATF that it has delivered on all the high-level commitments it had made, not just in terms of tightening the domestic laws and regulations but also in terms of successfully prosecuting and punishing people involved in money laundering and terror finance.
There is a simple reason for Pakistan being in the "grey list" that Pakistan's deep state, led by the ISI and the Army, is at the forefront of carrying out illegal terrorist activities and promoting terror globally.
The latest emerging news from the UK, which was published in Dawn on January 28, to know what Pakistan is up to.
A British-Pakistani man, Mohammed Gohir Khan has been charged for trying to assassinate the dissident blogger, Ahmad Waqass Goraya, based in the Netherlands.
This leads to the question of the reopening of enquiry into the death of Karima Baloch, an ardent campaigner for an independent Balochistan, whose body was found in a lake in Canada in December 2020.
https://www.business-standard.com/article/international/pakistan-should-continue-to-be-placed-in-fatf-grey-list-says-report-122021501370_1.html
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With just two unmet targets out of 34 action points, the Financial Action Task Force (FATF) has retained Pakistan on its terrorism financing “grey list” and asked the country to address the remaining deficiencies in its financial system as soon as possible.
However, at the concluding session of its hybrid plenary meeting on Friday, the Paris-based global money laundering and terrorist financing watchdog also appreciated Pakistan’s robust progress on its global commitments to fight financial crimes.
The FATF added the United Arab Emirates to its increased monitoring list, also known as the grey list, of countries with inadequate controls over terrorism financing. The watchdog also decided to appoint T. Raja Kumar of Singapore as its next president for a fixed two-year term.
Pakistan was placed on the list in 2018, which made foreign firms more cautious about investing in the country.
The Friday plenary noted that Pakistan had completed 26 of the 27 action items in its 2018 action plan of the FATF and of the seven action items of the 2021 action plan of the watchdog’s Asia Pacific Group on Money Laundering (APG) ahead of the deadlines.
It was noted that since June 2018 — when Pakistan made a high-level political commitment to work with the FATF and APG to strengthen its anti-money laundering/combating the financing of terrorism (AML/CFT) regime and to address its strategic counter-terrorist financing-related deficiencies — the country’s continued political commitment had led to significant progress across a comprehensive CFT action plan.
The FATF encouraged Pakistan to continue making progress to address, as soon as possible, the one remaining item by continuing to demonstrate that terror financing investigations and prosecutions target senior leaders and commanders of UN-designated terrorist groups.
In response to additional deficiencies later identified in Pakistan’s 2019 APG Mutual Evaluation Report in June 2021, Pakistan provided further high-level commitment to address these strategic deficiencies pursuant to a new action plan that primarily focuses on combating money laundering.
“Since June 2021, Pakistan has taken swift steps towards improving its AML/CFT regime and completed six of the seven action items ahead of any relevant deadlines expiring, including by demonstrating that it is enhancing the impact of sanctions by nominating individuals and entities for UN designation and restraining and confiscating proceeds of crime in line with Pakistan’s risk profile,” the FATF said.
“Pakistan should continue to work to address the one remaining item in its 2021 action plan by demonstrating a positive and sustained trend of pursuing complex [money laundering] investigations and prosecutions,” it said.
Officials said Pakistan now aimed to fully comply with the 2021 action plan on anti-money laundering and combating terror financing by the end of January 2023.
The country had two concurrent action plans with a total of 34 action points, of which 30 had either been fully or largely addressed to curb money laundering and terror financing. The most recent action plan of 2021 on money laundering from the APG had largely focused on money laundering.
The completion of APG’s action plan for the effectiveness of AML/CFT is also a structural benchmark of the International Monetary Fund (IMF) for end-March.
Recently, the IMF asked Pakistan to complete the last remaining item in the 2018 AML/CFT action plan on the effectiveness of terror financing investigations and prosecutions of senior leaders of UN-designated terrorist groups, and promptly address the deficiencies identified in the APG’s Mutual Evaluation Report under the 2021 action plan.
Published in Dawn, March 5th, 2022
However, at the concluding session of its hybrid plenary meeting on Friday, the Paris-based global money laundering and terrorist financing watchdog also appreciated Pakistan’s robust progress on its global commitments to fight financial crimes.
The FATF added the United Arab Emirates to its increased monitoring list, also known as the grey list, of countries with inadequate controls over terrorism financing. The watchdog also decided to appoint T. Raja Kumar of Singapore as its next president for a fixed two-year term.
Pakistan was placed on the list in 2018, which made foreign firms more cautious about investing in the country.
The Friday plenary noted that Pakistan had completed 26 of the 27 action items in its 2018 action plan of the FATF and of the seven action items of the 2021 action plan of the watchdog’s Asia Pacific Group on Money Laundering (APG) ahead of the deadlines.
It was noted that since June 2018 — when Pakistan made a high-level political commitment to work with the FATF and APG to strengthen its anti-money laundering/combating the financing of terrorism (AML/CFT) regime and to address its strategic counter-terrorist financing-related deficiencies — the country’s continued political commitment had led to significant progress across a comprehensive CFT action plan.
The FATF encouraged Pakistan to continue making progress to address, as soon as possible, the one remaining item by continuing to demonstrate that terror financing investigations and prosecutions target senior leaders and commanders of UN-designated terrorist groups.
In response to additional deficiencies later identified in Pakistan’s 2019 APG Mutual Evaluation Report in June 2021, Pakistan provided further high-level commitment to address these strategic deficiencies pursuant to a new action plan that primarily focuses on combating money laundering.
“Since June 2021, Pakistan has taken swift steps towards improving its AML/CFT regime and completed six of the seven action items ahead of any relevant deadlines expiring, including by demonstrating that it is enhancing the impact of sanctions by nominating individuals and entities for UN designation and restraining and confiscating proceeds of crime in line with Pakistan’s risk profile,” the FATF said.
“Pakistan should continue to work to address the one remaining item in its 2021 action plan by demonstrating a positive and sustained trend of pursuing complex [money laundering] investigations and prosecutions,” it said.
Officials said Pakistan now aimed to fully comply with the 2021 action plan on anti-money laundering and combating terror financing by the end of January 2023.
The country had two concurrent action plans with a total of 34 action points, of which 30 had either been fully or largely addressed to curb money laundering and terror financing. The most recent action plan of 2021 on money laundering from the APG had largely focused on money laundering.
The completion of APG’s action plan for the effectiveness of AML/CFT is also a structural benchmark of the International Monetary Fund (IMF) for end-March.
Recently, the IMF asked Pakistan to complete the last remaining item in the 2018 AML/CFT action plan on the effectiveness of terror financing investigations and prosecutions of senior leaders of UN-designated terrorist groups, and promptly address the deficiencies identified in the APG’s Mutual Evaluation Report under the 2021 action plan.
Published in Dawn, March 5th, 2022
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Pakistan's completion of FATF parameters will be acknowledged soon: Hammad Azhar
Energy Minister Hammad Azhar on Saturday said Pakistan's efforts to complete the Financial Action Task Force's (FATF) technical parameters would be acknowledged "soon".
The energy minister's comment came in the early hours of Saturday after the financial watchdog yet again retained Pakistan on its terrorism financing “grey list” and asked the country to address the remaining deficiencies — two unmet targets out of 34 action points — in its financial system as soon as possible.
Pakistan was placed on the list in 2018, which made foreign firms more cautious about investing in the country.
At the concluding session of its hybrid plenary meeting on Friday, the Paris-based global money laundering and terrorist financing watchdog did, however, appreciated Pakistan’s "robust progress" on its global commitments to fight financial crimes.
"Our fight against money laundering and terror financing continues with an unwavering national resolve. We wage war on these activities not just for global compliances but first and foremost for our own sake," Azhar tweeted.
He said six out of the seven items in the money laundering action plan were addressed within an "unprecedented timeframe", while 26 of the 27 items on the terror financing action plan were addressed.
"A number of countries believe that we have already completed this plan," he added about the terror financing action plan. The Friday plenary noted that Pakistan had completed 26 of the 27 action items in its 2018 action plan of the FATF and of the seven action items of the 2021 action plan of the watchdog’s Asia Pacific Group on Money Laundering (APG) ahead of the deadlines.
It was noted that since June 2018 — when Pakistan made a high-level political commitment to work with the FATF and APG to strengthen its anti-money laundering/combating the financing of terrorism (AML/CFT) regime and to address its strategic counter-terrorist financing-related deficiencies — the country’s continued political commitment had led to significant progress across a comprehensive CFT action plan.
The FATF encouraged Pakistan to continue making progress to address, as soon as possible, the one remaining item by continuing to demonstrate that terror financing investigations and prosecutions target senior leaders and commanders of UN-designated terrorist groups.
In response to additional deficiencies later identified in Pakistan’s 2019 APG Mutual Evaluation Report in June 2021, Pakistan provided further high-level commitment to address these strategic deficiencies pursuant to a new action plan that primarily focuses on combating money laundering.
“Since June 2021, Pakistan has taken swift steps towards improving its AML/CFT regime and completed six of the seven action items ahead of any relevant deadlines expiring, including by demonstrating that it is enhancing the impact of sanctions by nominating individuals and entities for UN designation and restraining and confiscating proceeds of crime in line with Pakistan’s risk profile,” the FATF said.
“Pakistan should continue to work to address the one remaining item in its 2021 action plan by demonstrating a positive and sustained trend of pursuing complex [money laundering] investigations and prosecutions,” it said.
Officials said Pakistan now aimed to fully comply with the 2021 action plan on anti-money laundering and combating terror financing by the end of January 2023.
The country had two concurrent action plans with a total of 34 action points, of which 30 had either been fully or largely addressed to curb money laundering and terror financing. The most recent action plan of 2021 on money laundering from the APG had largely focused on money laundering.
The completion of APG’s action plan for the effectiveness of AML/CFT is also a structural benchmark of the International Monetary Fund (IMF) for end-March.
Recently, the IMF asked Pakistan to complete the last remaining item in the 2018 AML/CFT action plan on the effectiveness of terror financing investigations and prosecutions of senior leaders of UN-designated terrorist groups, and promptly address the deficiencies identified in the APG’s Mutual Evaluation Report under the 2021 action plan.
https://www.dawn.com/news/1678411/p...meters-will-be-acknowledged-soon-hammad-azhar
Energy Minister Hammad Azhar on Saturday said Pakistan's efforts to complete the Financial Action Task Force's (FATF) technical parameters would be acknowledged "soon".
The energy minister's comment came in the early hours of Saturday after the financial watchdog yet again retained Pakistan on its terrorism financing “grey list” and asked the country to address the remaining deficiencies — two unmet targets out of 34 action points — in its financial system as soon as possible.
Pakistan was placed on the list in 2018, which made foreign firms more cautious about investing in the country.
At the concluding session of its hybrid plenary meeting on Friday, the Paris-based global money laundering and terrorist financing watchdog did, however, appreciated Pakistan’s "robust progress" on its global commitments to fight financial crimes.
"Our fight against money laundering and terror financing continues with an unwavering national resolve. We wage war on these activities not just for global compliances but first and foremost for our own sake," Azhar tweeted.
He said six out of the seven items in the money laundering action plan were addressed within an "unprecedented timeframe", while 26 of the 27 items on the terror financing action plan were addressed.
"A number of countries believe that we have already completed this plan," he added about the terror financing action plan. The Friday plenary noted that Pakistan had completed 26 of the 27 action items in its 2018 action plan of the FATF and of the seven action items of the 2021 action plan of the watchdog’s Asia Pacific Group on Money Laundering (APG) ahead of the deadlines.
It was noted that since June 2018 — when Pakistan made a high-level political commitment to work with the FATF and APG to strengthen its anti-money laundering/combating the financing of terrorism (AML/CFT) regime and to address its strategic counter-terrorist financing-related deficiencies — the country’s continued political commitment had led to significant progress across a comprehensive CFT action plan.
The FATF encouraged Pakistan to continue making progress to address, as soon as possible, the one remaining item by continuing to demonstrate that terror financing investigations and prosecutions target senior leaders and commanders of UN-designated terrorist groups.
In response to additional deficiencies later identified in Pakistan’s 2019 APG Mutual Evaluation Report in June 2021, Pakistan provided further high-level commitment to address these strategic deficiencies pursuant to a new action plan that primarily focuses on combating money laundering.
“Since June 2021, Pakistan has taken swift steps towards improving its AML/CFT regime and completed six of the seven action items ahead of any relevant deadlines expiring, including by demonstrating that it is enhancing the impact of sanctions by nominating individuals and entities for UN designation and restraining and confiscating proceeds of crime in line with Pakistan’s risk profile,” the FATF said.
“Pakistan should continue to work to address the one remaining item in its 2021 action plan by demonstrating a positive and sustained trend of pursuing complex [money laundering] investigations and prosecutions,” it said.
Officials said Pakistan now aimed to fully comply with the 2021 action plan on anti-money laundering and combating terror financing by the end of January 2023.
The country had two concurrent action plans with a total of 34 action points, of which 30 had either been fully or largely addressed to curb money laundering and terror financing. The most recent action plan of 2021 on money laundering from the APG had largely focused on money laundering.
The completion of APG’s action plan for the effectiveness of AML/CFT is also a structural benchmark of the International Monetary Fund (IMF) for end-March.
Recently, the IMF asked Pakistan to complete the last remaining item in the 2018 AML/CFT action plan on the effectiveness of terror financing investigations and prosecutions of senior leaders of UN-designated terrorist groups, and promptly address the deficiencies identified in the APG’s Mutual Evaluation Report under the 2021 action plan.
https://www.dawn.com/news/1678411/p...meters-will-be-acknowledged-soon-hammad-azhar
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The Financial Action Task Force (FATF) will convene in Berlin, Germany this week from June 14 to 17, 2022, to decide whether Pakistan will be removed from the grey list or retain its current position for another few months, The News reported Monday.
The Pakistani government is optimistic and anticipates a favourable conclusion from the plenary conference. "For the time being, we have high hopes. We believe we have made significant progress, which has been recognised by a number of members. The final decision, however, will be made at a summit at which a number of countries will comment on our progress. As a result, let's hope for the best," a top Pakistani official told the publication.
When asked if the FATF would send a team to Pakistan for an on site inspection to assess the country's performance before removing it from the grey list, the official replied that yes, if the country passes all points, there will be an on site visit and then the country will be removed from the grey list.
According to FATF’s announcement, the delegates representing 206 members of the Global Network and observer organisations, including the International Monetary Fund, the United Nations, the World Bank, and the Egmont Group of Financial Intelligence Units, will take part in the last plenary under the two-year German Presidency of Dr Marcus Pleyer from 14–17 June 2022. The German government will host this hybrid event in Berlin, with a significant number of participants taking part in person.
During the four days of meetings, delegates will finalise key issues, including a report to prevent money laundering through the real estate sector and a report that will help financial institutions use collaborative analytics, data collection, and other sharing initiatives to assess and mitigate the money laundering and terrorist financing risks they face.
Delegates will also discuss the assessments of measures to combat money laundering and terrorist financing in Germany and the Netherlands, and the progress made by some jurisdictions identified as presenting a risk to the financial system. The outcomes of the FATF Plenary will be published on Friday, June 17 after the close of the meeting.
GEO
The Pakistani government is optimistic and anticipates a favourable conclusion from the plenary conference. "For the time being, we have high hopes. We believe we have made significant progress, which has been recognised by a number of members. The final decision, however, will be made at a summit at which a number of countries will comment on our progress. As a result, let's hope for the best," a top Pakistani official told the publication.
When asked if the FATF would send a team to Pakistan for an on site inspection to assess the country's performance before removing it from the grey list, the official replied that yes, if the country passes all points, there will be an on site visit and then the country will be removed from the grey list.
According to FATF’s announcement, the delegates representing 206 members of the Global Network and observer organisations, including the International Monetary Fund, the United Nations, the World Bank, and the Egmont Group of Financial Intelligence Units, will take part in the last plenary under the two-year German Presidency of Dr Marcus Pleyer from 14–17 June 2022. The German government will host this hybrid event in Berlin, with a significant number of participants taking part in person.
During the four days of meetings, delegates will finalise key issues, including a report to prevent money laundering through the real estate sector and a report that will help financial institutions use collaborative analytics, data collection, and other sharing initiatives to assess and mitigate the money laundering and terrorist financing risks they face.
Delegates will also discuss the assessments of measures to combat money laundering and terrorist financing in Germany and the Netherlands, and the progress made by some jurisdictions identified as presenting a risk to the financial system. The outcomes of the FATF Plenary will be published on Friday, June 17 after the close of the meeting.
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China and some other allies are quietly working to get Pakistan off the Financial Action Task Force’s (FATF) grey list during the agency’s next plenary session, diplomatic sources told Dawn.
The FATF, a global body which monitors money laundering and terrorism financing, is holding the four-day — June 14-17 — session in Berlin, Germany, from Tuesday.
FATF delegates representing 206 members of the global network and its observers will attend the meeting. The observers include the International Monetary Fund (IMF), the United Nations, the World Bank, and the Egmont Group of Financial Intelligence Units.
Recent reports in the international media also mentioned this “quiet lobbying”, led by China, and one Indian media outlet reported that the plenary session “is likely to decide to move Pakistan out from the list of countries under increased monitoring, commonly known as its grey list”.
Diplomatic sources in Washington say that those favouring the move argue that removing Pakistan from the FATF grey list “is essential to revive the Pakistani economy”. Pakistan has been on the list since June 2018.
The sources say that an April 9 judgement by an anti-terrorism court in Lahore could also help Pakistan in removing this stigma. The court sent Lashkar-e-Tayyaba chief Hafiz Saeed, to prison for 33 years on terrorism charges.
Those who support the move to remove Pakistan from the list, point out that the two cases that led to his imprisonment were filled by Pakistan’s Counter Terrorism Department.
In its last plenary, held in Paris in March, the FATF noted that “Pakistan has completed 26 of the 27 action items in its 2018 action plan”. The FATF encouraged Pakistan “to address, as soon as possible, the one remaining item, — investigating terrorism financing and targeting” senior leaders and commanders of UN-designated terrorist groups.
FATF acknowledged that Pakistan had also met 6 of the 7 action plans it was asked to follow in June 2021 to counter money laundering.
The Ministry of Foreign Affairs has also prepared a presentation for the FATF plenary, showing how Pakistan has completed all the 27 tasks that it was given. Minister of State for Foreign Affairs Hina Rabbani Khar is likely to attend the plenary.
On May 22 and 23, Minister for Commerce Syed Naveed Qamar visited Brussels and briefed multiple Members of the European Parliament (MEPs) and the European Commission on Pakistan’s efforts to get off the grey list.
During the four-day plenary session, delegates will finalise key issues including a report to prevent money laundering through the real estate sector. Another report will urge financial institutions to use collaborative analytics, data collection and other sharing initiatives to assess and mitigate the money laundering and terrorist financing risks they face.
Delegates will also discuss the assessments of measures to combat money laundering and terrorist financing by some jurisdictions identified as presenting a risk to the financial system.
The outcomes of the plenary session will be published on June 17.
Published in Dawn, June 14th, 2022
The FATF, a global body which monitors money laundering and terrorism financing, is holding the four-day — June 14-17 — session in Berlin, Germany, from Tuesday.
FATF delegates representing 206 members of the global network and its observers will attend the meeting. The observers include the International Monetary Fund (IMF), the United Nations, the World Bank, and the Egmont Group of Financial Intelligence Units.
Recent reports in the international media also mentioned this “quiet lobbying”, led by China, and one Indian media outlet reported that the plenary session “is likely to decide to move Pakistan out from the list of countries under increased monitoring, commonly known as its grey list”.
Diplomatic sources in Washington say that those favouring the move argue that removing Pakistan from the FATF grey list “is essential to revive the Pakistani economy”. Pakistan has been on the list since June 2018.
The sources say that an April 9 judgement by an anti-terrorism court in Lahore could also help Pakistan in removing this stigma. The court sent Lashkar-e-Tayyaba chief Hafiz Saeed, to prison for 33 years on terrorism charges.
Those who support the move to remove Pakistan from the list, point out that the two cases that led to his imprisonment were filled by Pakistan’s Counter Terrorism Department.
In its last plenary, held in Paris in March, the FATF noted that “Pakistan has completed 26 of the 27 action items in its 2018 action plan”. The FATF encouraged Pakistan “to address, as soon as possible, the one remaining item, — investigating terrorism financing and targeting” senior leaders and commanders of UN-designated terrorist groups.
FATF acknowledged that Pakistan had also met 6 of the 7 action plans it was asked to follow in June 2021 to counter money laundering.
The Ministry of Foreign Affairs has also prepared a presentation for the FATF plenary, showing how Pakistan has completed all the 27 tasks that it was given. Minister of State for Foreign Affairs Hina Rabbani Khar is likely to attend the plenary.
On May 22 and 23, Minister for Commerce Syed Naveed Qamar visited Brussels and briefed multiple Members of the European Parliament (MEPs) and the European Commission on Pakistan’s efforts to get off the grey list.
During the four-day plenary session, delegates will finalise key issues including a report to prevent money laundering through the real estate sector. Another report will urge financial institutions to use collaborative analytics, data collection and other sharing initiatives to assess and mitigate the money laundering and terrorist financing risks they face.
Delegates will also discuss the assessments of measures to combat money laundering and terrorist financing by some jurisdictions identified as presenting a risk to the financial system.
The outcomes of the plenary session will be published on June 17.
Published in Dawn, June 14th, 2022
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In a major legal victory on an international front, Pakistan has won the terror-financing case against the National Bank of Pakistan (NBP) in a federal court in New York.
The victory in the case has helped the NBP ward off the threat of billions of dollars penalty, which would have ultimately rendered the bank gone bankrupt.
The bank had been accused of facilitating the transfer of funds that were used to plan and execute an attack on a US military base in Afghanistan.
A senior official in the AGP office confided to The Express Tribune that had the bank lost the case, a fine worth billions of dollars would have been imposed as a penalty, which would have meant bankruptcy for the bank.
Read: Countering terror-financing: bottlenecks
Furthermore, the official said the victory has also spared Pakistan of potential issues it could have faced in the FATF.
Sharing the details, he said the case was handled by the International Disputes Unit of the Office of the Attorney General.
The team was led by Ahmed Irfan. Moreover, it was the same team that helped produce positive outcomes in the Karkey, Reko Diq, PIA and Tuwairqi cases.
According to the allegation, Pakistani citizen Saeed Khan, who was residing in the US, sent money to his hometown Mangora (Swat), an amount which was allegedly used later in a terrorist activity in Afghanistan, killing nine soldiers.
International litigations against Pakistan
For the last one decade, Pakistan has been facing various kinds of litigations at different international fronts . However, the AGP's legal wing that looks after international disputes has successfully resolved big awards against Pakistan through out-of-court settlements. Thouch the country is paying a high price for international litigations against it.
Pakistan has paid $100 million to foreign lawyers during Pakistan Muslim League-Nawaz’s (PML-N) tenure. Similarly, more than $10 million has been spent for this purpose by the by previous Pakistan Tehreek-e-Insaf (PTI) government.
International Centre for Settlement of Investment Disputes (ICSID) on July 12, 2019 awarded massive $5.976 billion award against Pakistan in the Reko Diq case, which is one of biggest in ICSID history.
Tethyan Copper Company’s (TCC) management, the complainant whose contract was terminated, had claimed $11.43 billion in damages.
In 2012, TCC filed claims for international arbitration before the ICSID of the World Bank after the Balochistan government turned down a leasing request from the company.
The litigation continued for seven years.
Former CJP Iftikhar Muhammad Chaudhry’s verdict in the Reko Diq case was the first in a series of events that led to the massive award.
In March, Pakistan managed to escape a penalty of $11 billion after reaching an out-of court settlement on the Reko Diq project in the Chagai district of Balochistan after hectic efforts of the AGP office as well as the security establishment.
Read More: Defence budget shrinking in GDP terms: DG ISPR
The AGP office, especially International Disputes Unit Head Additional Attorney General Ahmed Irfan Aslam, mainly negotiated the Reko Diq deal. Irfan had earlier successfully negotiated a deal in the case of the Turkish company Karkey, in which Pakistan faced a billion-dollar fine.
A new agreement was signed by representatives of the federal government and Balochistan with a delegation of Barrick Gold led by Chief Executive Dr Mark Bristow. As per the terms of the new agreement, the Reko Diq project will be revived and developed by Barrick Gold in partnership with Pakistani entities.
However, it is learnt that the deal has to be approved by parliament as well as the Supreme Court.
According to settlement, 50% of the new project’s shares will be owned by Barrick Gold, while the remaining shares shall be owned by Pakistan, divided equally between the Centre and the Balochistan government.
The federal government’s shares of 25% will be divided equally among three state-owned entities -- namely the Oil and Gas Development Corporation Limited (OGDCL), Pakistan Petroleum Limited (PPL), and Government Holdings Pakistan Limited (GHPL).
Express Tribune
The victory in the case has helped the NBP ward off the threat of billions of dollars penalty, which would have ultimately rendered the bank gone bankrupt.
The bank had been accused of facilitating the transfer of funds that were used to plan and execute an attack on a US military base in Afghanistan.
A senior official in the AGP office confided to The Express Tribune that had the bank lost the case, a fine worth billions of dollars would have been imposed as a penalty, which would have meant bankruptcy for the bank.
Read: Countering terror-financing: bottlenecks
Furthermore, the official said the victory has also spared Pakistan of potential issues it could have faced in the FATF.
Sharing the details, he said the case was handled by the International Disputes Unit of the Office of the Attorney General.
The team was led by Ahmed Irfan. Moreover, it was the same team that helped produce positive outcomes in the Karkey, Reko Diq, PIA and Tuwairqi cases.
According to the allegation, Pakistani citizen Saeed Khan, who was residing in the US, sent money to his hometown Mangora (Swat), an amount which was allegedly used later in a terrorist activity in Afghanistan, killing nine soldiers.
International litigations against Pakistan
For the last one decade, Pakistan has been facing various kinds of litigations at different international fronts . However, the AGP's legal wing that looks after international disputes has successfully resolved big awards against Pakistan through out-of-court settlements. Thouch the country is paying a high price for international litigations against it.
Pakistan has paid $100 million to foreign lawyers during Pakistan Muslim League-Nawaz’s (PML-N) tenure. Similarly, more than $10 million has been spent for this purpose by the by previous Pakistan Tehreek-e-Insaf (PTI) government.
International Centre for Settlement of Investment Disputes (ICSID) on July 12, 2019 awarded massive $5.976 billion award against Pakistan in the Reko Diq case, which is one of biggest in ICSID history.
Tethyan Copper Company’s (TCC) management, the complainant whose contract was terminated, had claimed $11.43 billion in damages.
In 2012, TCC filed claims for international arbitration before the ICSID of the World Bank after the Balochistan government turned down a leasing request from the company.
The litigation continued for seven years.
Former CJP Iftikhar Muhammad Chaudhry’s verdict in the Reko Diq case was the first in a series of events that led to the massive award.
In March, Pakistan managed to escape a penalty of $11 billion after reaching an out-of court settlement on the Reko Diq project in the Chagai district of Balochistan after hectic efforts of the AGP office as well as the security establishment.
Read More: Defence budget shrinking in GDP terms: DG ISPR
The AGP office, especially International Disputes Unit Head Additional Attorney General Ahmed Irfan Aslam, mainly negotiated the Reko Diq deal. Irfan had earlier successfully negotiated a deal in the case of the Turkish company Karkey, in which Pakistan faced a billion-dollar fine.
A new agreement was signed by representatives of the federal government and Balochistan with a delegation of Barrick Gold led by Chief Executive Dr Mark Bristow. As per the terms of the new agreement, the Reko Diq project will be revived and developed by Barrick Gold in partnership with Pakistani entities.
However, it is learnt that the deal has to be approved by parliament as well as the Supreme Court.
According to settlement, 50% of the new project’s shares will be owned by Barrick Gold, while the remaining shares shall be owned by Pakistan, divided equally between the Centre and the Balochistan government.
The federal government’s shares of 25% will be divided equally among three state-owned entities -- namely the Oil and Gas Development Corporation Limited (OGDCL), Pakistan Petroleum Limited (PPL), and Government Holdings Pakistan Limited (GHPL).
Express Tribune
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Man the benefits to be on right side of US lol are there for everyone to see.
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The government on Tuesday made currency declaration by all international passengers mandatory, as part of the measures taken to curb money laundering to fulfil the condition of the Financial Action Task Force (FATF), according to a notification issued by the Civil Aviation Authority (CAA).
The notification came as an FATF team was expected to arrive in Pakistan next month for “on-site” visit to verify steps taken by Islamabad to curb money laundering and terror financing. A successful on-site visit would pave the way for Pakistan getting out of the FATF grey list.
The CAA issued the notification on the instructions of the Federal Board of Revenue (FBR). The notification said that a declaration form would have to be filled and handed over to the airline staff, in which the passenger would show details of domestic and foreign currency.
No international passenger would be able to board the flight or leave the airport without submitting the declaration, it said. The notification added that the passengers would be required to submit the currency declaration form to the customs staff before checking in for the flight.
The authority had issued instructions that currency declaration forms should be made available at booking offices of the airlines. It added that domestic and foreign airlines, pilots and staff had been informed about the details regarding the provisions of the customs declaration form.
https://tribune.com.pk/story/2371506/fatf-condition-intl-air-passengers-must-declare-currency
The notification came as an FATF team was expected to arrive in Pakistan next month for “on-site” visit to verify steps taken by Islamabad to curb money laundering and terror financing. A successful on-site visit would pave the way for Pakistan getting out of the FATF grey list.
The CAA issued the notification on the instructions of the Federal Board of Revenue (FBR). The notification said that a declaration form would have to be filled and handed over to the airline staff, in which the passenger would show details of domestic and foreign currency.
No international passenger would be able to board the flight or leave the airport without submitting the declaration, it said. The notification added that the passengers would be required to submit the currency declaration form to the customs staff before checking in for the flight.
The authority had issued instructions that currency declaration forms should be made available at booking offices of the airlines. It added that domestic and foreign airlines, pilots and staff had been informed about the details regarding the provisions of the customs declaration form.
https://tribune.com.pk/story/2371506/fatf-condition-intl-air-passengers-must-declare-currency
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Pakistan lacking ‘effectiveness’ on four FATF-linked goals
ISLAMABAD: The Asia-Pacific Group (APG) on Money Laundering has rated Pakistan’s level of effectiveness as ‘low’ on 10 out of 11 international goals on anti-money laundering and combating the financing of terror (AML/CFT), even though the country is now compliant on 38 out of 40 technical recommendations.
The Sydney-based regional affiliate of the Financial Action Task Force (FATF) released an update, as of Sept 2, on the rating of its regional members suggesting that Pakistan had a ‘moderate level of effectiveness’ on only one out of 11 outcomes.
Under this ‘immediate outcome’, Pakistan extends international cooperation on appropriate information, financial intelligence, and evidence, and facilitates action against criminals and their assets.
A 15-member joint delegation of FATF and APG paid an onsite visit to Pakistan from Aug 29 to Sept 2 to verify the country’s compliance with a 34-point action plan committed with FATF at the highest level in June 2018.
Islamabad has made moderate progress on one out of 11 immediate outcomes
The task force had found Pakistan compliant or largely compliant on all the 34 points in February this year and had decided to field an onsite mission to verify it on the ground before formally announcing the country’s exit from the grey list.
Under the FATF-APG assessment mechanism, effective ratings on “Immediate Outcomes” reflect the extent to which a country’s measures are effective. The assessment is conducted on the basis of 11 immediate outcomes, which represent key goals that an effective AML/CFT system should achieve.
However, this has no direct bearing on an expected exit of Pakistan from FATF’s grey list during its Oct 18-22 plenary in Paris.
Last month, the APG had described Pakistan as ‘compliant’ or ‘largely compliant’ on 38 out of 40 technical recommendations of the FATF on anti-money laundering and combating financing of terror. It had, however, retained Islamabad on ‘Enhanced Follow-up’ until further progress was made on the two remaining recommendations.
This means that Pakistan has made major progress on FATF’s technical recommendations to qualify to be moved out of ‘grey list’, but it is still far behind FATF’s immediate outcomes on effectiveness.
10 ‘immediate outcomes’
The APG noted that Pakistan had a low level of effectiveness on 10 “Immediate Outcomes (IOs)” under international standards against money laundering and terror financing.
The first IO on which the effectiveness is rated as moderate is that money laundering and terror-financing are understood and, where appropriate, actions coordinated domestically to combat money laundering and the financing of terrorism and proliferation.
There are nine other IOs on which Pakistan has been ranked as having a ‘low level of effectiveness.
Goal 7 & 8 require that ML offences and activities are investigated and offenders are prosecuted and are subject to effective, proportionate and dissuasive sanctions are taken and proceeds and instrumentalities of crime are confiscated.
Likewise, target 9 & 10 demand that terror financing offences and activities are investigated and persons who finance terrorism are prosecuted and are subject to effective, proportionate and dissuasive sanctions and terrorists, terrorist organisations and terrorist financiers are prevented from raising, moving and using funds, and from abusing the non-profit organisations sector.
The immediate outcome 11 requires that persons and entities involved in the proliferation of weapons of mass destruction are prevented from raising, moving and using funds, consistent with the relevant United Nations Security Council resolutions.
Dawn
ISLAMABAD: The Asia-Pacific Group (APG) on Money Laundering has rated Pakistan’s level of effectiveness as ‘low’ on 10 out of 11 international goals on anti-money laundering and combating the financing of terror (AML/CFT), even though the country is now compliant on 38 out of 40 technical recommendations.
The Sydney-based regional affiliate of the Financial Action Task Force (FATF) released an update, as of Sept 2, on the rating of its regional members suggesting that Pakistan had a ‘moderate level of effectiveness’ on only one out of 11 outcomes.
Under this ‘immediate outcome’, Pakistan extends international cooperation on appropriate information, financial intelligence, and evidence, and facilitates action against criminals and their assets.
A 15-member joint delegation of FATF and APG paid an onsite visit to Pakistan from Aug 29 to Sept 2 to verify the country’s compliance with a 34-point action plan committed with FATF at the highest level in June 2018.
Islamabad has made moderate progress on one out of 11 immediate outcomes
The task force had found Pakistan compliant or largely compliant on all the 34 points in February this year and had decided to field an onsite mission to verify it on the ground before formally announcing the country’s exit from the grey list.
Under the FATF-APG assessment mechanism, effective ratings on “Immediate Outcomes” reflect the extent to which a country’s measures are effective. The assessment is conducted on the basis of 11 immediate outcomes, which represent key goals that an effective AML/CFT system should achieve.
However, this has no direct bearing on an expected exit of Pakistan from FATF’s grey list during its Oct 18-22 plenary in Paris.
Last month, the APG had described Pakistan as ‘compliant’ or ‘largely compliant’ on 38 out of 40 technical recommendations of the FATF on anti-money laundering and combating financing of terror. It had, however, retained Islamabad on ‘Enhanced Follow-up’ until further progress was made on the two remaining recommendations.
This means that Pakistan has made major progress on FATF’s technical recommendations to qualify to be moved out of ‘grey list’, but it is still far behind FATF’s immediate outcomes on effectiveness.
10 ‘immediate outcomes’
The APG noted that Pakistan had a low level of effectiveness on 10 “Immediate Outcomes (IOs)” under international standards against money laundering and terror financing.
The first IO on which the effectiveness is rated as moderate is that money laundering and terror-financing are understood and, where appropriate, actions coordinated domestically to combat money laundering and the financing of terrorism and proliferation.
There are nine other IOs on which Pakistan has been ranked as having a ‘low level of effectiveness.
Goal 7 & 8 require that ML offences and activities are investigated and offenders are prosecuted and are subject to effective, proportionate and dissuasive sanctions are taken and proceeds and instrumentalities of crime are confiscated.
Likewise, target 9 & 10 demand that terror financing offences and activities are investigated and persons who finance terrorism are prosecuted and are subject to effective, proportionate and dissuasive sanctions and terrorists, terrorist organisations and terrorist financiers are prevented from raising, moving and using funds, and from abusing the non-profit organisations sector.
The immediate outcome 11 requires that persons and entities involved in the proliferation of weapons of mass destruction are prevented from raising, moving and using funds, consistent with the relevant United Nations Security Council resolutions.
Dawn
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Four years after it was placed on the "grey list" of the Financial Action Task Force (FATF) for financing of terrorism and money laundering, Pakistan is finally set to see its name off the list after it was found to be compliant in the action plan set out by the global financial watchdog.
The decision to strike off the South Asian nation from the list is likely to be taken when the financial crime watchdog meets in Paris from October 18 to 21.
The global financial watchdog had set out an action plan of 34 points for Pakistan, of which 27-point action plan was related to terror financing and 7-point action plan was related with money laundering.
In its statement after the plenary in June, the FATF, in a statement said: "At its June 2022 Plenary, the FATF made the initial determination that Pakistan has substantially completed its two action plans, covering 34 items, and warrants an on-site visit to verify that the implementation of Pakistan's AML/CFT reforms has begun and is being sustained, and that the necessary political commitment remains in place to sustain implementation and improvement in the future."
A 15-member team of the FATF visited Pakistan from August 29 to September 2, and met officials concerned about the financial system of Pakistan, including the state bank, finance ministry, after which it prepared an onsite report on the country.
The findings of the team, which included officials from the US, the UK, Australia, EU and others, will be submitted and discussed during the plenary session nextt week in Paris.
The Pakistan delegation will be led by Foreign Minister Hina Rabbani Khar.
Pakistan has been on the grey list of the FATF since June 2018 for failing to check money laundering, leading to terror financing.
Having failed to get off the grey list, Islamabad has faced problem in receiving financial aid from the International Monetary Fund (IMF), the World Bank, the Asian Development Bank (ADB) and the European Union, thus further enhancing problems for the country.
Established in 1989, the FATF aims to combat money laundering, terrorist financing and other related threats to the integrity of the international financial system.
The FATF currently has 39 members including two regional organisations -- the European Commission and Gulf Cooperation Council. India is a member of the FATF consultations and its Asia Pacific Group.
NDTV
The decision to strike off the South Asian nation from the list is likely to be taken when the financial crime watchdog meets in Paris from October 18 to 21.
The global financial watchdog had set out an action plan of 34 points for Pakistan, of which 27-point action plan was related to terror financing and 7-point action plan was related with money laundering.
In its statement after the plenary in June, the FATF, in a statement said: "At its June 2022 Plenary, the FATF made the initial determination that Pakistan has substantially completed its two action plans, covering 34 items, and warrants an on-site visit to verify that the implementation of Pakistan's AML/CFT reforms has begun and is being sustained, and that the necessary political commitment remains in place to sustain implementation and improvement in the future."
A 15-member team of the FATF visited Pakistan from August 29 to September 2, and met officials concerned about the financial system of Pakistan, including the state bank, finance ministry, after which it prepared an onsite report on the country.
The findings of the team, which included officials from the US, the UK, Australia, EU and others, will be submitted and discussed during the plenary session nextt week in Paris.
The Pakistan delegation will be led by Foreign Minister Hina Rabbani Khar.
Pakistan has been on the grey list of the FATF since June 2018 for failing to check money laundering, leading to terror financing.
Having failed to get off the grey list, Islamabad has faced problem in receiving financial aid from the International Monetary Fund (IMF), the World Bank, the Asian Development Bank (ADB) and the European Union, thus further enhancing problems for the country.
Established in 1989, the FATF aims to combat money laundering, terrorist financing and other related threats to the integrity of the international financial system.
The FATF currently has 39 members including two regional organisations -- the European Commission and Gulf Cooperation Council. India is a member of the FATF consultations and its Asia Pacific Group.
NDTV
Gollum
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We will believe when it happens. After Biden remark it seems unlikely that Pakistan will be taken off the list. I would love to be proven wrong though.
daytrader
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Pakistan likely to exit FATF ‘grey list’ this week
ISLAMABAD: Pakistan is expected to finally exit the ‘increased monitoring list’ — commonly known as grey list — of the Financial Action Task Force (FATF) on Oct 21, after languishing in the infamous category for almost 52 months.
“The first FATF Plenary under the two-year Singapore Presidency of T. Raja Kumar will take place on October 20-21, 2022,” said the Paris-based global watchdog on dirty money. Delegates representing 206 members of the Global Network and observer organisations, including the International Monetary Fund, the United Nations, the World Bank, Interpol and the Egmont Group of Financial Intelligence Units, will participate in the Working Group and Plenary meetings in Paris, it added.
On the conclusion of the two-day deliberations, decisions of the plenary would be announced.
The plenary will also focus on jurisdictions identified as presenting a risk to the international financial system, with an update to public statements that identify jurisdictions as high risk or being subject to increased monitoring besides other key issues, including guidance on improving beneficial ownership transparency to prevent shell companies and other opaque structures from being used to launder illicit funds.
Pakistan was included among jurisdictions under increased monitoring list in June 2018 for deficiencies in its legal, financial, regulatory, investigations, prosecution, judicial and non-government sector to fight money laundering and combat terror financing considered serious threat to global financial system.
Much-awaited decision to be announced after two-day deliberations in Paris
Islamabad made high-level political commitments to address these deficiencies under a 27-point action plan. But later the number of action points was enhanced to 34. The country had since been vigorously working with FATF and its affiliates to strengthen its legal and financial systems against money laundering and terror financing to meet international standards in line with 40-recommendations of the FATF.
A 15-member joint delegation of the FATF and its Sydney-based regional affiliate — Asia Pacific Group — paid an onsite visit to Pakistan from Aug 29 to Sept 2 to verify the country’s compliance with the 34-point action plan committed with the FATF.
The authorities that had kept the countrywide visit of the delegation low profile later termed it “a smooth and successful visit”. The delegation had detailed discussions with relevant agencies pursuant to the authorisation of Onsite Visit by FATF Plenary in June 2022. According to the Foreign Office, the focus of the visit was to validate on ground Pakistan’s high-level commitment and sustainability of reforms in AML/CFT regime and [it] looked forward to logical conclusion to the evaluation process. The report of FATF Onsite team will be discussed in FATF’s International Cooperation Review Group and plenary meetings.
Pakistan believed that as a result of strenuous and consistent efforts over the past four years, it has not only achieved a high degree of technical compliance with FATF standards but also ensured high level of effectiveness through implementation of two comprehensive FATF action plans.
In June this year, FATF had found Pakistan “compliant or largely compliant” on all the 34 points and had decided to field an onsite mission to verify it on ground before formally announcing the country’s exit from the grey list that finally took place in August and September.
In terms of technical compliance with FATF standards, Pakistan has been rated by APG as “compliant or largely compliant” in 38 out of 40 FATF recommendations in August this year, which placed the country among the top compliant countries in the world.
The completion of FATF/APG action plan for effectiveness of AML/CFT was also structural benchmark of the IMF for end-March 2022 and was achieved in June with a minor delay. The government had given a commitment to the IMF to review by end-June 2022 the implementation of AML/CFT controls by financial institutions with respect to the tax amnesty programme for the construction sector and promised to “meet the timelines for the implementation of APG’s 2021 Action Plan, including on the mutual legal assistance framework, AML/CFT supervision, transparency of beneficial ownership information, and compliance with targeted financial sanctions for proliferation financing”.
DAWN
ISLAMABAD: Pakistan is expected to finally exit the ‘increased monitoring list’ — commonly known as grey list — of the Financial Action Task Force (FATF) on Oct 21, after languishing in the infamous category for almost 52 months.
“The first FATF Plenary under the two-year Singapore Presidency of T. Raja Kumar will take place on October 20-21, 2022,” said the Paris-based global watchdog on dirty money. Delegates representing 206 members of the Global Network and observer organisations, including the International Monetary Fund, the United Nations, the World Bank, Interpol and the Egmont Group of Financial Intelligence Units, will participate in the Working Group and Plenary meetings in Paris, it added.
On the conclusion of the two-day deliberations, decisions of the plenary would be announced.
The plenary will also focus on jurisdictions identified as presenting a risk to the international financial system, with an update to public statements that identify jurisdictions as high risk or being subject to increased monitoring besides other key issues, including guidance on improving beneficial ownership transparency to prevent shell companies and other opaque structures from being used to launder illicit funds.
Pakistan was included among jurisdictions under increased monitoring list in June 2018 for deficiencies in its legal, financial, regulatory, investigations, prosecution, judicial and non-government sector to fight money laundering and combat terror financing considered serious threat to global financial system.
Much-awaited decision to be announced after two-day deliberations in Paris
Islamabad made high-level political commitments to address these deficiencies under a 27-point action plan. But later the number of action points was enhanced to 34. The country had since been vigorously working with FATF and its affiliates to strengthen its legal and financial systems against money laundering and terror financing to meet international standards in line with 40-recommendations of the FATF.
A 15-member joint delegation of the FATF and its Sydney-based regional affiliate — Asia Pacific Group — paid an onsite visit to Pakistan from Aug 29 to Sept 2 to verify the country’s compliance with the 34-point action plan committed with the FATF.
The authorities that had kept the countrywide visit of the delegation low profile later termed it “a smooth and successful visit”. The delegation had detailed discussions with relevant agencies pursuant to the authorisation of Onsite Visit by FATF Plenary in June 2022. According to the Foreign Office, the focus of the visit was to validate on ground Pakistan’s high-level commitment and sustainability of reforms in AML/CFT regime and [it] looked forward to logical conclusion to the evaluation process. The report of FATF Onsite team will be discussed in FATF’s International Cooperation Review Group and plenary meetings.
Pakistan believed that as a result of strenuous and consistent efforts over the past four years, it has not only achieved a high degree of technical compliance with FATF standards but also ensured high level of effectiveness through implementation of two comprehensive FATF action plans.
In June this year, FATF had found Pakistan “compliant or largely compliant” on all the 34 points and had decided to field an onsite mission to verify it on ground before formally announcing the country’s exit from the grey list that finally took place in August and September.
In terms of technical compliance with FATF standards, Pakistan has been rated by APG as “compliant or largely compliant” in 38 out of 40 FATF recommendations in August this year, which placed the country among the top compliant countries in the world.
The completion of FATF/APG action plan for effectiveness of AML/CFT was also structural benchmark of the IMF for end-March 2022 and was achieved in June with a minor delay. The government had given a commitment to the IMF to review by end-June 2022 the implementation of AML/CFT controls by financial institutions with respect to the tax amnesty programme for the construction sector and promised to “meet the timelines for the implementation of APG’s 2021 Action Plan, including on the mutual legal assistance framework, AML/CFT supervision, transparency of beneficial ownership information, and compliance with targeted financial sanctions for proliferation financing”.
DAWN
daytrader
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Hina Rabbni Khar in Paris to attend FATF meeting
A Pakistani delegation led by Minister of State for Foreign Affairs Hina Rabbani Khar reached Paris
ISLAMABAD: A Pakistani delegation led by Minister of State for Foreign Affairs Hina Rabbani Khar reached Paris on Monday.
The delegation held a meeting with Jean-Louis Bourlanges, President of the Foreign Affairs Commission at the French National Assembly. They discussed Pak-France bilateral relations, parliamentary cooperation, floods in Pakistan, climate change and regional and global issues.
She also met a group of French intellectuals, members of think tanks and scholars at the Pakistani Embassy in Paris. Minister of State Hina Rabbani Khar will attend meeting of the Financial Action Task Force (FATF) Tuesday (today).
“The first FATF Plenary under the two-year Singapore Presidency of T Raja Kumar will take place on October 20-21, 2022,” said the Paris-based global watchdog on dirty money. Delegates representing 206 members of the Global Network and observer organisations, including the International Monetary Fund, the United Nations, the World Bank, Interpol and the Egmont Group of Financial Intelligence Units, will participate in the Working Group and Plenary meetings in Paris.
On the conclusion of the two-day deliberations, decisions of the plenary would be announced. The plenary will also focus on jurisdictions identified as presenting a risk to the international financial system, with an update to public statements that identify jurisdictions as high risk or being subject to increased monitoring besides other key issues, including guidance on improving beneficial ownership transparency to prevent shell companies and other opaque structures from being used to launder illicit funds.
Pakistan was included among jurisdictions under increased monitoring list in June 2018 for deficiencies in its legal, financial, regulatory, investigations, prosecution, judicial and non-government sector to fight money laundering and combat terror financing considered serious threat to global financial system.
Islamabad made high-level political commitments to address these deficiencies under a 27-point action plan. But later the number of action points was enhanced to 34. The country had since been vigorously working with FATF and its affiliates to strengthen its legal and financial systems against money laundering and terror financing to meet international standards in line with 40-recommendations of the FATF.
A 15-member joint delegation of the FATF and its Sydney-based regional affiliate — Asia Pacific Group — paid an onsite visit to Pakistan from Aug 29 to Sept 2 to verify the country’s compliance with the 34-point action plan committed with the FATF.
The authorities that had kept the countrywide visit of the delegation low profile later termed it “a smooth and successful visit”. The delegation had detailed discussions with relevant agencies pursuant to the authorisation of Onsite Visit by FATF Plenary in June 2022.
According to the Foreign Office, the focus of the visit was to validate on ground Pakistan’s high-level commitment and sustainability of reforms in AML/CFT regime and [it] looked forward to logical conclusion to the evaluation process. The report of FATF Onsite team will be discussed in FATF’s International Cooperation Review Group and plenary meetings.
Pakistan believed that as a result of strenuous and consistent efforts over the past four years, it has not only achieved a high degree of technical compliance with FATF standards but also ensured high level of effectiveness through implementation of two comprehensive FATF action plans.
In June this year, FATF had found Pakistan “compliant or largely compliant” on all the 34 points and had decided to field an onsite mission to verify it on ground before formally announcing the country’s exit from the grey list that finally took place in August and September.
In terms of technical compliance with FATF standards, Pakistan has been rated by APG as “compliant or largely compliant” in 38 out of 40 FATF recommendations in August this year, which placed the country among the top compliant countries in the world.
The completion of FATF/APG action plan for effectiveness of AML/CFT was also structural benchmark of the IMF for end-March 2022 and was achieved in June with a minor delay. The government had given a commitment to the IMF to review by end-June 2022 the implementation of AML/CFT controls by financial institutions with respect to the tax amnesty programme for the construction sector and promised to “meet the timelines for the implementation of APG’s 2021 Action Plan, including on the mutual legal assistance framework, AML/CFT supervision, transparency of beneficial ownership information, and compliance with targeted financial sanctions for proliferation financing”.
The News PK
A Pakistani delegation led by Minister of State for Foreign Affairs Hina Rabbani Khar reached Paris
ISLAMABAD: A Pakistani delegation led by Minister of State for Foreign Affairs Hina Rabbani Khar reached Paris on Monday.
The delegation held a meeting with Jean-Louis Bourlanges, President of the Foreign Affairs Commission at the French National Assembly. They discussed Pak-France bilateral relations, parliamentary cooperation, floods in Pakistan, climate change and regional and global issues.
She also met a group of French intellectuals, members of think tanks and scholars at the Pakistani Embassy in Paris. Minister of State Hina Rabbani Khar will attend meeting of the Financial Action Task Force (FATF) Tuesday (today).
“The first FATF Plenary under the two-year Singapore Presidency of T Raja Kumar will take place on October 20-21, 2022,” said the Paris-based global watchdog on dirty money. Delegates representing 206 members of the Global Network and observer organisations, including the International Monetary Fund, the United Nations, the World Bank, Interpol and the Egmont Group of Financial Intelligence Units, will participate in the Working Group and Plenary meetings in Paris.
On the conclusion of the two-day deliberations, decisions of the plenary would be announced. The plenary will also focus on jurisdictions identified as presenting a risk to the international financial system, with an update to public statements that identify jurisdictions as high risk or being subject to increased monitoring besides other key issues, including guidance on improving beneficial ownership transparency to prevent shell companies and other opaque structures from being used to launder illicit funds.
Pakistan was included among jurisdictions under increased monitoring list in June 2018 for deficiencies in its legal, financial, regulatory, investigations, prosecution, judicial and non-government sector to fight money laundering and combat terror financing considered serious threat to global financial system.
Islamabad made high-level political commitments to address these deficiencies under a 27-point action plan. But later the number of action points was enhanced to 34. The country had since been vigorously working with FATF and its affiliates to strengthen its legal and financial systems against money laundering and terror financing to meet international standards in line with 40-recommendations of the FATF.
A 15-member joint delegation of the FATF and its Sydney-based regional affiliate — Asia Pacific Group — paid an onsite visit to Pakistan from Aug 29 to Sept 2 to verify the country’s compliance with the 34-point action plan committed with the FATF.
The authorities that had kept the countrywide visit of the delegation low profile later termed it “a smooth and successful visit”. The delegation had detailed discussions with relevant agencies pursuant to the authorisation of Onsite Visit by FATF Plenary in June 2022.
According to the Foreign Office, the focus of the visit was to validate on ground Pakistan’s high-level commitment and sustainability of reforms in AML/CFT regime and [it] looked forward to logical conclusion to the evaluation process. The report of FATF Onsite team will be discussed in FATF’s International Cooperation Review Group and plenary meetings.
Pakistan believed that as a result of strenuous and consistent efforts over the past four years, it has not only achieved a high degree of technical compliance with FATF standards but also ensured high level of effectiveness through implementation of two comprehensive FATF action plans.
In June this year, FATF had found Pakistan “compliant or largely compliant” on all the 34 points and had decided to field an onsite mission to verify it on ground before formally announcing the country’s exit from the grey list that finally took place in August and September.
In terms of technical compliance with FATF standards, Pakistan has been rated by APG as “compliant or largely compliant” in 38 out of 40 FATF recommendations in August this year, which placed the country among the top compliant countries in the world.
The completion of FATF/APG action plan for effectiveness of AML/CFT was also structural benchmark of the IMF for end-March 2022 and was achieved in June with a minor delay. The government had given a commitment to the IMF to review by end-June 2022 the implementation of AML/CFT controls by financial institutions with respect to the tax amnesty programme for the construction sector and promised to “meet the timelines for the implementation of APG’s 2021 Action Plan, including on the mutual legal assistance framework, AML/CFT supervision, transparency of beneficial ownership information, and compliance with targeted financial sanctions for proliferation financing”.
The News PK
daytrader
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GREY LIST: FATF MEETS TODAY TO REVIEW PAKISTAN’S EFFORTS ON ACTION PLAN
PARIS: The Financial Action Task Force (FATF) is meeting in Paris today (Thursday) to discuss Pakistan’s efforts on the Action Plan against terrorism financing and crimes to exit grey list, ARY News reported.
As per details, the FATF Plenary meeting is taking place in Paris from today. It is the first FATF Plenary to be held under the two-year Singapore Presidency of T. Raja Kumar.
Pakistan is likely to exit the FATF’s infamous grey list after a period of four years as it has successfully complied with the 34-points action plan related to terror financing and money laundering.
In the light of FATF’s plan, the trade in gold and properties has been made documented, the sources said.
After the meeting, Raja Kumar, the FATF president will address a news conference in which announcement to remove Pakistan from its infamous grey list, the sources said.
In a statement, earlier this year, the Financial Action Task Force (FATF) acknowledged that Pakistan has “substantially completed its two action plans”, saying that the watchdog will now schedule an on-site visit to verify the implementation of the measures.
However, Pakistan has not been formally removed from the FATF’s grey list. In a statement, the watchdog acknowledged that Pakistan has completed both its action plans, covering 34 items and said this showed the necessary political commitment was in place to sustain implementation and improvement in the future.
ARY
PARIS: The Financial Action Task Force (FATF) is meeting in Paris today (Thursday) to discuss Pakistan’s efforts on the Action Plan against terrorism financing and crimes to exit grey list, ARY News reported.
As per details, the FATF Plenary meeting is taking place in Paris from today. It is the first FATF Plenary to be held under the two-year Singapore Presidency of T. Raja Kumar.
Pakistan is likely to exit the FATF’s infamous grey list after a period of four years as it has successfully complied with the 34-points action plan related to terror financing and money laundering.
In the light of FATF’s plan, the trade in gold and properties has been made documented, the sources said.
After the meeting, Raja Kumar, the FATF president will address a news conference in which announcement to remove Pakistan from its infamous grey list, the sources said.
In a statement, earlier this year, the Financial Action Task Force (FATF) acknowledged that Pakistan has “substantially completed its two action plans”, saying that the watchdog will now schedule an on-site visit to verify the implementation of the measures.
However, Pakistan has not been formally removed from the FATF’s grey list. In a statement, the watchdog acknowledged that Pakistan has completed both its action plans, covering 34 items and said this showed the necessary political commitment was in place to sustain implementation and improvement in the future.
ARY
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The Financial Action Task Force (FATF), a global money laundering and terrorism financing watchdog, is set to take up removal of Pakistan from a list of countries under "increased monitoring" when its plenary session will conclude in Paris on Friday.
In a meeting in June, the FATF said it was keeping Pakistan on the list -- also known as the ‘grey list’ -- but said it might be removed after an on-site visit to verify progress.
Last month, the Foreign Office said a FATF technical team had conducted a “successful” visit and Islamabad was expecting a “logical conclusion” of the evaluation process in October.
If removed from the list, Pakistan would essentially receive a reputational boost and get a clean bill of health from the international community on terrorist financing.
If sources -- both in the government and the diplomatic community -- are to be believed, Pakistan is likely to get the clean bill and would be removed from the watch list.
https://tribune.com.pk/story/2382621/officials-hopeful-pakistan-will-exit-fatf-grey-list
In a meeting in June, the FATF said it was keeping Pakistan on the list -- also known as the ‘grey list’ -- but said it might be removed after an on-site visit to verify progress.
Last month, the Foreign Office said a FATF technical team had conducted a “successful” visit and Islamabad was expecting a “logical conclusion” of the evaluation process in October.
If removed from the list, Pakistan would essentially receive a reputational boost and get a clean bill of health from the international community on terrorist financing.
If sources -- both in the government and the diplomatic community -- are to be believed, Pakistan is likely to get the clean bill and would be removed from the watch list.
https://tribune.com.pk/story/2382621/officials-hopeful-pakistan-will-exit-fatf-grey-list
daytrader
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China ‘thwarts’ Indian move ahead of FATF moot
UNITED NATIONS: China has once again thwarted an Indian move in the United Nations to malign Pakistan just days before an important meeting of the Financial Action Task Force (FATF).
The first FATF plenary under the two-year Singapore presidency is taking place on Oct 20-21 in Paris.
The financial watchdog is expected to consider a proposal to move Pakistan from the so-called gray list of potential violators to the whitelist.
On Tuesday, India made a move in the United States to blacklist Shahid Mahmood, who had been designated by the US in 2016 as a Lashkar-e-Taiba fundraiser. On Wednesday, India made another move to blacklist Hafiz Talah Saeed, the son of Lashkar-e-Taiba chief Hafiz Saeed.
China, however, thwarted both moves by putting a hold on the Indian proposals.
Highlighting such groups so close to the FATF plenary would have boosted India’s efforts to keep Pakistan on the gray list.
“These Indian listings relate to moribund organisations and are designed to malign Pakistan and distract attention from India’s sponsorship of TTP and BLA terrorism,” Pakistan’s UN Ambassador Munir Akram told Dawn.
Besides supporting terrorist groups in Pakistan, India was also going for Chinese targets to “sabotage CPEC and Pakistan-China economic cooperation,” Ambassador Akram added. “We’re glad China has rejected India’s malign moves.”
In Islamabad, a spokesperson for the Ministry for Foreign Affairs told journalists that such moves were part of a “malevolent campaign” by India, through media leaks.
“This is not the first time the Indian media has been fed through official leaks to promote misleading, baseless and fabricated propaganda against Pakistan, just before the official FATF meetings,” the spokesperson said.
The statement noted that the FATF and the wider international community “has repeatedly acknowledged the steps taken by Pakistan to improve its anti-money-laundering and counter-terrorism-financing regime.”
The spokesperson pointed out that despite India’s “feverish attempts” to politicise the process and cast doubts on Pakistan’s efforts and accomplishments, FATF agreed in its June 2022 Plenary meeting that Pakistan had fully completed all substantive and procedural requirements of both its 2018 and 2021 Action Plans.
DAWN
UNITED NATIONS: China has once again thwarted an Indian move in the United Nations to malign Pakistan just days before an important meeting of the Financial Action Task Force (FATF).
The first FATF plenary under the two-year Singapore presidency is taking place on Oct 20-21 in Paris.
The financial watchdog is expected to consider a proposal to move Pakistan from the so-called gray list of potential violators to the whitelist.
On Tuesday, India made a move in the United States to blacklist Shahid Mahmood, who had been designated by the US in 2016 as a Lashkar-e-Taiba fundraiser. On Wednesday, India made another move to blacklist Hafiz Talah Saeed, the son of Lashkar-e-Taiba chief Hafiz Saeed.
China, however, thwarted both moves by putting a hold on the Indian proposals.
Highlighting such groups so close to the FATF plenary would have boosted India’s efforts to keep Pakistan on the gray list.
“These Indian listings relate to moribund organisations and are designed to malign Pakistan and distract attention from India’s sponsorship of TTP and BLA terrorism,” Pakistan’s UN Ambassador Munir Akram told Dawn.
Besides supporting terrorist groups in Pakistan, India was also going for Chinese targets to “sabotage CPEC and Pakistan-China economic cooperation,” Ambassador Akram added. “We’re glad China has rejected India’s malign moves.”
In Islamabad, a spokesperson for the Ministry for Foreign Affairs told journalists that such moves were part of a “malevolent campaign” by India, through media leaks.
“This is not the first time the Indian media has been fed through official leaks to promote misleading, baseless and fabricated propaganda against Pakistan, just before the official FATF meetings,” the spokesperson said.
The statement noted that the FATF and the wider international community “has repeatedly acknowledged the steps taken by Pakistan to improve its anti-money-laundering and counter-terrorism-financing regime.”
The spokesperson pointed out that despite India’s “feverish attempts” to politicise the process and cast doubts on Pakistan’s efforts and accomplishments, FATF agreed in its June 2022 Plenary meeting that Pakistan had fully completed all substantive and procedural requirements of both its 2018 and 2021 Action Plans.
DAWN
cricketjoshila
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Problem with this article is that, it doesn't tell that US was jointly involved in the application to list the two persons.
And if Pakistan has had to resort to using veto of China to save itself. It doesn't tell a good story.
Lonewarrior
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Lol [MENTION=76058]cricketjoshila[/MENTION] i told you, Pakistan will exit the list, one way or the other ......
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