FATF begins assessment of anti-money laundering steps

ISLAMABAD: Pakistan on Monday reported strengthening of its legal and institutional framework to curb terror financing and money laundering when a visiting delegation of global experts began third ‘on-site inspection’ of its commitment with Paris-based Financial Action Task Force (FATF).

The nine-member team of the Asia/Pacific Group (APG) held question-answer sessions with three agencies – Federal Investigation Agency (FIA), Financial Monitoring Unit (FMU) and Anti-Narcotics on five of the 10-point action plan on first day of 12-day deliberations.

It was reported that draft laws have been finalised under which FIA can access to individual accounts after tightening secrecy clauses. Also, punishments on account of illegal financial transactions at home and abroad are planned to be increased to a minimum of three years imprisonment and up to 10 years along with fines going up to Rs50 million each and attachment of properties for up to six months instead of 90 days.

The delegation questioned the officials on how and which terror financing risks had been identified and assessed and supervision was applied to risks and how law enforcement agencies (LEAs) are identifying and investigating terror financing activities and prosecutions target designated persons and entities or those working on their behalf.

Queries also pertained to effectiveness of prosecutions, cooperation of the judiciary and sanctions on capacity and activity of the terror financing individuals and activities. The meeting also probed on effective implementation of targeted financial sanctions (supported by a comprehensive legal obligation) against all 1,267 and 1,373 designated terrorists and their agents.

The purpose of the Mutual Evaluation onsite visit is to assess the effectiveness of Pakistan’s anti-money laundering/counter financing of terrorism (AML/CFT) Regime under FATF’s effectiveness methodology. The visiting team comprised Ian Collins of UK’s New Scotland Yard, James Prussing US Department of the Treasury, Ashraf Abdulla of Financial Intelligence Unit of Maldives, Boby Wahyu Hernawan of Indonesian Ministry of Finance, Gong Jingyan of People’s Bank of China and Mustafa Necmeddin Oztop of Turkish Ministry of Justice.

The ministries of interior, finance, foreign affairs and law besides the State Bank of Pakistan (SBP), Securities and Exchange Commission of Pakistan (SECP), National Counter-Terrorism Authority, FIA, Federal Board of Revenue, National Accountability Bureau, Anti-Narcotics Force, FMU, Central Directorate of National Savings and provincial counter-terrorism departments would remain available for briefings and explanations.

In June 2018, Pakistan made a high-level political commitment to work with the FATF and APG to strengthen its AML/CFT regime and to address its strategic counter-terrorist financing-related deficiencies by implementing 10-point action plan to accomplish these objectives.

The successful implementation of 10-point action and its physical verification by APG will lead to FATF de-list Pakistan out of its grey list of countries by September 2019. In August this year, the APG as part of the pre-site mutual evaluation identified a series of deficiencies in Pakistan’s anti-money laundering/counter-terror financing laws and mechanisms.

The authorities are required to upgrade agencies and their human resources to be able to handle foreign requests to block terror financing and freeze illegal and targeted assets. The authorities are working on strengthening of mutual legal assistance laws for extradition of those involved in terror financing and money laundering on requests from FATF-member countries.

By the end of September next year, Pakistan has to comply with the 10-point action plan it committed with the FATF in June to combat terror financing and money laundering to get out of the grey list or else it will be further downgraded into the black list.

By January next year, Pakistan will identify and assess domestic and international terror financing risks to and from its system to strengthen investigations and improve on inter-agency — FIA, SBP, SECP, banks, home and interior departments and associated agencies — coordination as well as federal and provincial coordination to combat these risks.

The government will also complete the profiling (preparing databanks) of terror groups or suspected terrorists, their financial assets and stren­gths, besides their members and their family backgrounds, and make them accessible at the inter-agency level by January. Over the next 12 months, i.e. till September 2019, the government will complete the investigation into a wide range of terror financing activities, including appeals and calls for donations and collection of funds, besides their movements and uses. The outcome will be published at least twice before September next year.

Published in Dawn, October 9th, 2018



~ Shop by Category ~


Mens Fashion in Pakistan  Mens Latest Fashion in Pakistan  Mens Fashion Accessories Online Shopping in Pakistan  Mens Belts Online Shopping in Pakistan  Cufflinks Online Shopping in Pakistan  Mens Perfumes Online Shopping in Pakistan  Mens Sunglasses Online Shopping in Pakistan  Mens Wallets Online Shopping in Pakistan  Mens Watches Online Shopping in Pakistan  Mens Clothing Online Shopping in Pakistan Mens Wester Clothing Online Shopping in Pakistan  Export Stock Lot & Export Leftover in Pakistan  Mens Winter Collection 2019-2020  Mens Hoodies & Jackets Online Shopping in Pakistan  Mens Jeans Online Shopping in Pakistan  Mens Pants Online Shopping in Pakistan  Mens Shirts Online Shopping in Pakistan  Mens T-shirts Online Shopping in Pakistan  Mens Pakistani Clothing Online Shopping in Pakistan  Mens Nightwear & Undergarments Online Shopping in Pakistan  Mens Bathrobe Online Shopping in Pakistan  Mens Nightwear Online Shopping in Pakistan  Mens Pajamas Online Shopping in Pakistan  Mens Undergarments Online Shopping in Pakistan
Ladies Fashion Online Shopping in Pakistan  Ladies Latest Fashion Online Shopping in Pakistan  Womens Accessories Online Shopping in Pakistan  Ladies Handbags & Purses Online Shopping in PakistanLadies Perfumes Online Shopping in Pakistan  Ladies Sunglasses Online Shopping in Pakistan  Ladies Watches Online Shopping in Pakistan  Ladies Clothing Online Shopping in Pakistan  Pakistani Dresses Online Shopping in Pakistan  Pakistani Dresses Latest Designs & New Arrival  2018 Collection Pakistani Dresses in Pakistan  2019 Collection Pakistani Dresses Designs  Abaya & Hijab Online Shopping in Pakistan  Ladies Kurti Online Shopping in Pakistan  Original Dresses Online Shopping in Pakistan  Replica Dresses Online Shopping in Pakistan  Stitched Dresses Online Shopping in Pakistan  Unstitched Dresses Online Shopping in Pakistan  Bridal Dresses Online Shopping in Pakistan  Designer Dresses Online Shopping in Pakistan  Eid Collection Pakistani Dresses 2019-2020  Engagement Dresses Online Shopping in Pakistan  Mehandi Dresses Online Shopping in Pakistan  Nikah Dresses Online Shopping in Pakistan  Party Dresses Online Shopping in Pakistan  Walima Dresses Online Shopping in Pakistan  Wedding Dresses Online Shopping in Pakistan  Chiffon Dresses Online Shopping in Pakistan  Embroidered Dresses Online Shopping in Pakistan  Lawn Dresses Online Shopping in Pakistan  Linen Dresses Online Shopping in Pakistan  Net Dresses Online Shopping in Pakistan  Satin Dresses Online Shopping in Pakistan  Silk Dresses Online Shopping in Pakistan  Velvet Dresses Online Shopping in Pakistan  Indian Dresses Online Shopping in Pakistan  Ladies Summer Collection Pakistani Dresses 2019-2020  Ladies Winter Collection Online Shopping in Pakistan  Lingerie Online Shopping in Pakistan  Lingerie New Arrival 2019-2020 Collection  Ladies Bathrobe Online Shopping in Pakistan  Bikini Online Shopping in Pakistan  Bra Online Shopping in Pakistan  Bra Panty Sets Online Shopping in Pakistan  Panty & Thongs Online Shopping in Pakistan Bra by Color  Bra by Size  Bra by Types - Types of Bra  Body Shaper Online Shopping in Pakistan  Camisole Online Shopping in Pakistan  Sexy Lingerie Online Shopping in Pakistan  Nightwear Online Shopping in Pakistan  Nighty Online Shopping in Pakistan  Bridal Nighty Sets Online Shopping in Pakistan  Body Stocking & Leg Stocking Online Shopping in Pakistan  Tights Online Shopping in Pakistan  Ladies Undergarments Online Shopping in Pakistan