Pakistan took effective steps against terror financing: Minister

Lester Mason
February 25, 2018

He added that in 2009 FATF identified "strategic deficiencies" in Pakistan's AML/CFT regime and to overcome these deficiencies, Pakistan agreed to implement FAFT's Action Plan.

Countries already on the grey list include North Korea, Iran, Iraq, Syria, Yemen, and Ethiopia.

The reports followed after Foreign Minister Khawaja Asif said on Tuesday that Pakistan was given a three-month period to address concerns of the FATF.

At the end of the Plenary session, when the FATF Chair asked, there were no objections to the nomination of Pakistan, a move that could see it face financial strictures, and ratings downgrades by global banking and credit rating agencies until Islamabad carries out a full crackdown on terror groups.

Pakistan has not been placed on the so-called Grey List which includes names of the countries that have failed to take necessary action against terror financing or money laundering, the report said.

Pakistan was on the list for three years until 2015. Meanwhile, Dawn newspaper reported that Adviser to the Prime Minister on Finance Miftah Ismail, who led Pakistan's FATF moot, said Pakistan is set to be "grey listed" by the FATF in June.

The move was pushed by four nominating countries, the USA, the U.K., Germany and France. Anyhow, putting Pakistan back on the list would not make much difference as the country remained on the list previously and managed to survive.

PAKISTAN SLAMS REPORT OF FATF: Reacting to reports, the Pakistan Foreign Office on Friday expressed serious concerns the decision to place the country on the "greylist". "Most of the concerns raised by the United States side regarding deficiencies in our CFT/AML regime had already been addressed in 2015 when Pakistan got an exit from the "grey list". The only opposing country, Turkey, may have come through for us, but it is a failure on our part that we had to force our allies, like China and Saudi Arabia, in such an uncomfortable position to defend Pakistan every time.

Pertinently, it was also Saudi Arabia first move against Donald Trump administration.

In the lead-up to the FATF plenary session this week, the government had taken control of three dispensaries run by Hafiz Saeed's Jamaatud Dawa (JuD) and the Falah-i-Insaniyat Foundation (FIF) in a rural area near the capital.

India Today said the terrorism task force made its decision to re-list Pakistan provisional, starting in June, to give Islamabad time to avoid being listed by cracking down further on militants.

What remains to see is how it influences United States relationship with Saudi as it is the first time in Trump administration that Saudi has voted against US. It is also time to debate why we have been allowing extremist groups to occupy strategic places like Faizabad that sent wrong message to the worldwide community as to what is happening in Pakistan and where is the writ of the Government.

Other reports by Iphone Fresh

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