Pakistan’s future within the Financial Action Task Force (FATF) will likely be doubtful this week, as the worldwide financing watchdog holds its plenary session beginning Monday.
A choice will likely be taken whether or not Islamabad stays on the grey record or leaves it, though New Delhi has been insisting on blacklisting it for the final three years.
“Under the German Presidency of Dr. Marcus Player, 205 members of the worldwide community and representatives representing observer organizations together with the International Monetary Fund, the United Nations and the Egmont Group of Financial Intelligence Units will take part within the digital assembly of the FATF Plenary, the FATF mentioned on Monday. mentioned in an announcement.
The outcome will likely be declared on June 25.
Over the course of 5 days, they’ll focus on key points to strengthen world motion towards monetary flows that gas crime and terrorism, the FATF mentioned.
The Asia Pacific Group on Money Laundering has retained Pakistan on “increased follow-up” standing for excellent necessities, and Islamabad backs it on the nation’s progress in strengthening its implementation of anti-money laundering and combating the financing of terror measures. Will proceed to report.
Pakistan was placed on the grey record by the Paris-based FATF in June 2018 and the nation is struggling to come back out of it. The Asia Pacific Group (APG) is a regional associate of the FATF.
The second follow-up report (FUR) on the Mutual Assessment of Pakistan launched by the APG additionally downgraded Pakistan on one criterion.
The FATF assertion mentioned they’d hear progress made by sure jurisdictions recognized as presenting dangers to the monetary system.
The FATF will finalize key experiences, together with Money Laundering and Environmental Crime, Ethnic and Racially Motivated Terrorist Financing, and two experiences that discover alternatives that know-how can leverage to enhance anti-money laundering and counter-terrorist financing efforts. can current. It can even finalize its second 12-month assessment of the implementation of the revised FATF requirements for digital property and digital asset service suppliers and steerage on unfold financing danger evaluation and mitigation.
The outcomes of the plenary assembly of the FATF will likely be printed on the finish of the assembly on June 25.
Pakistan is now compliant with or largely compliant with 31 of the 40 FATF suggestions. The reporting date for this evaluation was October 1, 2020, which suggests Islamabad might have made additional progress since then which will likely be assessed at a later stage.
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With inputs from TheIndianEXPRESS
