Pakistan will continue on the Financial Action Task Force (FATF) grey list for the next four months. According to a grant published by the Ministry of Finance, the FATF has praised Pakistan for the important development made on the whole action project. The complete gatherings of FATF were held virtually from February 22-25, 2021, where its members reviewed a series of issues associating with Pakistan’s development.
Pakistan’s appointment in the FATF Plenary was attended by the Chairman FATF Coordination Committee, attended by senior officers from the Ministry of Foreign Affairs, National Counter Terrorism Authority & Federal Minister for Industries and Production Muhammad Hammad Azhar. (NACTA), Financial Monitoring Unit (FMU), National FATF administration, and other essential stakeholders.
In its entire conference carried on February 25, FATF has said: To date, Pakistan has made development overall action policy matters and has now mostly directed 24 of the 27 action details. The global watchdog has also confirmed the sustained high-level political involvement of Pakistan to resist terrorist funding which, according to the FATF report, has directed to important progress over wide countering funding of terrorism plan.
Pakistan has initiated huge work to establish its anti-money laundering (AML) and combatting finance of terrorism (CFT) management and discuss the necessary counter-terrorist financing-related needs. In addition to the acknowledgment by FATF in its entire report that Pakistan has made an important process on the whole action strategy by directing 24 out of the 27 parts in the execution plan.
Pakistan has also made an important step in the leftover 3 action parts which are somewhat marked. As of now, all the 10 steps about the financial sector and frontier controls have been inscribed. In recent months, law-enforcing bureaus have cracked down on hardline clerical organizations — particularly Lashkar-e-Taiba (LeT) and its aid units, Falah-e-Insanyat & Jamaatud Dawa (JuD) — and on their origins of assets, capturing, striving, and adjudging many of their members and directors.
Pakistan had previously complied with the six references and also offered features to the FATF Secretariat, reports recommend. The development would come under evaluation during the forthcoming conferences.