FATF Pakistan submits initial draft report on terror funding to FATF: Report
Islamabad: Pakistan has submitted its initial draft report to the joint group of Financial Action Task Force (FATF), the global terror financing watchdog, showing progress and compliance of remaining 13 points out of 27 action points, reports The News International.
It is hoped that Islamabad would get the ‘largely compliant’ status on 11 action points out of remaining 13 points under the FATF review in its plenary meeting expected to be held in October 2020, Federal Minister for Industries Hammad Azhar, who is also in charge of FATF issues, told The News International.
Top official sources told the Pakistani newspaper that the South Asian country would share its updated version of progress report to the FATF review group in the first week of Sept 2020.
The first draft was reportedly dispatched to the FATF on Aug 6.
The government got approval of FATF legislation bills from the Parliament, demonstrating its political will to deliver fully on the watchdog requirements.
“Then a face to face virtual meeting of the FATF review group is scheduled to take place from September 14 to 21 where Pakistani authorities will be given an opportunity to defend their position with full force,” said a top official to The News International.
He said the FATF plenary meeting would take place in Oct 2020 where it would be decided whether to keep Pakistan in the grey list or graduate from the grey list after completing compliance on majority of 27 point action plan.
FATF and Pakistan:
The Financial Action Task Force (FATF) is the global money laundering and terrorist financing watchdog.
The inter-governmental body sets international standards that aim to prevent these illegal activities and the harm they cause to society, read the official website.
As a policy-making body, the FATF works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.
FATF placed Pakistan in the grey list in June 2018 and asked for compliance of 27 action plans to come out from the scrutiny list until Sept 2019.
Pakistan has so far been given three times extension of three months, every time to comply with 27 action points, The News International reported.
Out of 27 points, the FATF had declared Pakistan fully compliant on 14 points and now there is the deadline of October 2020 for complying with the remaining 13 points, reported the Pakistani newspaper.
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