KARACHI: The federal government’s level man on the Monetary Motion Activity Pressure (FATF), Hammad Azhar, stated on Sunday that Pakistan was specializing in implementation of all recently-enacted legal guidelines to return out of the gray record of the worldwide cash laundering and terrorist financing watchdog.
Mr Azhar, who’s federal minister for industries and manufacturing, additionally stated that parliament had handed the legal guidelines not just for the final week’s analysis within the FATF’s three-day plenary, but additionally for the subsequent 12 months’s analysis.
He noticed that one of many two actions plans given to Pakistan by the FATF was the “most challenging” and “comprehensive ever given to any country”.
“Pak is undergoing 2 action plans at FATF. One being the most challenging & comprehensive ever given to any country,” Mr Azhar stated in a Twitter posting. “Laws passed through parl [parliament] focus on both Oct evaluation & upcoming evaluation planned mid next year. These laws reflect clearance of back log of last 10 years.”
Whereas Mr Azhar stated that the approaching analysis was deliberate for “mid next year”, the FATF’s subsequent plenary is due on Feb 21-26, 2021.
On Friday, the FATF had introduced that Pakistan would proceed to stay on its gray record until February 2021 for six out of 27 unmet motion plan targets on anti-money laundering (AML) and combating the financing of terrorism (CFT).
“To date, Pakistan has made progress across all action plan items and has now largely addressed 21 of the 27 action items. As all action plan deadlines have expired, the FATF strongly urges Pakistan to swiftly complete its full action plan by February 2021,” the Paris-based watchdog stated in assertion, including: “The FATF takes note of the significant progress made on a number of action plan items.”
Mr Azhar, who on Saturday had termed the FATF’s “consensus decision” a “diplomatic victory” for the federal government, stated that the watchdog had hailed Pakistan’s authorized efforts as a “role model” for different nations to comply with.
“During plenary, Pak legal effort hailed as role model for other countries to follow,” he tweeted.
In one other tweet, he stated that the parliamentary committee in its conferences had mentioned the “interplay of two evaluations” and necessities of legal guidelines intimately. “GoP now focusing on implementation of these laws for effectiveness evaluation planned ahead,” he stated.
Solely final month, the Pakistan Tehreek-i-Insaf authorities had acquired three legal guidelines — the Anti-Cash Laundering (second modification) Invoice-2020, Anti-Terrorism Act (ATA) (third modification) Invoice-2020 and Islamabad Capital Territory Waqf Properties Invoice-2020 — handed in a joint sitting of the parliament to fulfil authorized necessities of the FATF.
An announcement issued by Pakistan Embassy in Washington stated since June 2018, when the nation made a high-level political dedication to work with the FATF and the Asia/Pacific Group to strengthen its AML/CFT regime and to handle its strategic counter-terrorist financing-related deficiencies, Islamabad’s continued political dedication had led to progress in quite a lot of areas in its motion plan.
These embody: taking motion to establish and sanction unlawful Cash or Worth Switch Providers (MVTS), implementing cross-border forex and bearer negotiable devices controls, enhancing worldwide cooperation in terrorist financing (TF) circumstances, passing amendments to the ATA to extend the sanctioning authority, monetary establishments implementing focused monetary sanctions and making use of sanctions for AML/CFT violations, and controlling amenities and providers owned or managed by designated individuals and entities.
The FATF assertion talked about 4 areas the place extra work is required to beat strategic deficiencies.
“Pakistan ought to proceed to work on implementing its motion plan to handle its strategic deficiencies, together with by demonstrating that regulation enforcement companies are figuring out and investigating the widest vary of TF exercise and that TF investigations and prosecutions goal designated individuals and entities, and people appearing on behalf or on the path of the designated individuals or entities; by demonstrating that TF prosecutions lead to efficient, proportionate and dissuasive sanctions.
“[By] demonstrating effective implementation of targeted financial sanctions against all [UNSC resolutions No] 1267 and 1373 designated terrorists and those acting for or on their behalf, preventing the raising and moving of funds including in relation to NPOs [Non-Profit Organisations], identifying and freezing assets (movable and immovable), and prohibiting access to funds and financial services; and by demonstrating enforcement against TFS [Targeted Financial Sanctions] violations, including in relation to NPOs, of administrative and criminal penalties and provincial and federal authorities cooperating on enforcement cases.”
Anwar Iqbal from Washington contributed to this report
Revealed in Daybreak, October 26th, 2020