FATF Grey List 2020: The Financial Action Task Force (FATF) is likely to give Pakistan some more time until June to get full compliance with its 27-point action plan and secure the exit from its grey list failing which it could step into blacklist. As per the sources, Pakistan’s performance had been reviewed at working group meetings.
Meanwhile, the Paris-based anti-terror financing watchdog will issue a formal statement on Friday after the conclusion of group meetings and plenary that started from February 16 to February 21. The sources also revealed that Pakistan has been asked to take an action on eight areas.
First, asking Pakistan to demonstrate that remedial actions and sanctions applied in cases of AML/CFT (anti-money laundering the financing of terrorism) violations related to terrorist financing (TF) risk management and TF standard obligations. Secondly, demonstrate that authorities are cooperating and taking action to take enforcement action against illegal money or value transfer services.
In the third point, the watchdog also urged the country to demonstrate the implementation of cross-border currency and BNI controls at all ports of entry. Fourth, demonstrate that law enforcement agencies (LEAs) are investigating widest range of TF activity and that TF prosecutions and investigations target designated persons. Fifth, demonstrate that TF prosecutions result in effective and dissuasive sanctions.
Sixth, demonstrate effective implementation of targeted financial sanctions against all 1,267 and 1,373 designated terrorists. Seven, to demonstrate enforcement against TF standard violations and federal authorities cooperating on financial services. Eight, demonstrate that the facilities owned by designated persons are deprived of their resources.