ISLAMABAD: Despite implementing 26 out of 27 action plans, the Financial Action Task Force (FATF) has placed six new points actions plan for finding out deficiencies in Mutual Evaluation Report (MER), binding Islamabad to comply with these two plans simultaneously in order to come out from the grey list.
“Pakistan will be de-listed from grey list on implementing both action plans and accomplishing on-site visits” the FATF President Marcus Pleyer said when asked about implementing two action plans for Pakistan during his online press conference from Paris on Friday. Now Pakistan will have to implement seven points related to investigation and prosecution of those involved in terror financing and other six key points.
Top official sources said that it was unfair to undertake two different processes against Pakistan simultaneously. Now Pakistan has made progress to graduate from FATF’s grey list after implementing 26 points out of 27 action plans, but now another fresh plan is placed to implement six more points to keep Pakistan into grey list at least for next one year. “It’s unfair treatment,” said the official sources.
The FATF president said that since June 2018, when Pakistan made a high-level political commitment to work with the FATF and APG (Asia Pacific Group) to strengthen its AML/CFT regime and to address its strategic counter-terrorist financing-related deficiencies, Pakistan’s continued political commitment has led to significant progress across a comprehensive CFT action plan.
The FATF recognises Pakistan’s progress and efforts to address these CFT action plan items, and notes that since February 2021, Pakistan has made progress to complete two of the three remaining action items on demonstrating that effective, proportionate and dissuasive sanctions are imposed for TF convictions and that Pakistan’s targeted financial sanctions regime was being used effectively to target terrorist assets.
“Pakistan has now completed 26 of the 27 action items in its 2018 action plan. The FATF encourages Pakistan to continue to make progress to address as soon as possible the one remaining CFT-related item by demonstrating that TF investigations and prosecutions target senior leaders and commanders of UN-designated terrorist groups,” the FATF president said.