Despite looming FATF deadlines, Pakistan yet to curb terror financing
published 30.07.2020 13:45
"The parliamentary committee has to approve three FATF-related bills before August 6, or else Pakistan cannot exit the grey list," Farogh Nasim, the federal minister for law, said after the legislative committee meeting.
She said Pakistan would submit its progress report on the recommendations by August 6 while the submission deadline for Asia Pacific Group (APG) -- a regional affiliate of FATF - is September 30 as the country was also under review by the APG.
Pakistan Financial Monitoring Unit director-general Lubna Farooq told the National Assembly Standing Committee on Finance on Tuesday that the country is still fully compliant on 14 out of the 27-point Action Plan and said it will have to submit an implementation report on the remaining points in the next eight days, reported Express Tribune According to Dawn, Islamabad also has to comply with 30 recommendations of the Financial Action Task Force (FATF).
With deadlines looming next month, Pakistan is yet to comply with 13 conditions out of the 27-point Action Plan of the Financial Action Task Force (FATF) including curbing terror financing, enforcement of the laws against the proscribed organisations and improving the legal systems.
Pakistan will have to demonstrate the effectiveness of sanctions including remedial actions to curb terrorist financing in the country; it will have to ensure improved effectiveness for terror financing of financial institutions with particular to banned outfits.