- The terror financing watchdog has put Pakistan in the Enhanced Expedited Follow Up List.
- Pakistan has also failed to keep up with 32 of the 40 compliance parameters of terror financing and
money laundering . - Pakistan submitted the 27-point action plan report, the review will decide whether Pakistan will be removed from the greylist or further degrade to the blacklist.
- The country has already been greylisted by the Financial Action Task Force (
FATF ).
The terror financing watchdog has put Pakistan in the Enhanced Expedited Follow Up List. It held a two-days long meeting in Canberra, Australia to evaluate and analyse the country’s progress report in insurance and financial services sectors.
The Financial Action Task Force (FATF) puts the Non-Cooperative Countries or Territories (NCCTs) countries which support terror funding activities, in a blacklist. If blacklisted, Pakistan will face severe financial and market restrictions.
The APG is affiliated to FATF and is responsible for issues relating to crime and investigations, and also sets up intelligence units. It also implements financial provisions of the United Nations Security Council resolutions on terrorism, and evaluates a country’s ability to prevent, detect, investigate terror financing.
According to new agency PTI, Pakistan failed to keep up with 32 of the 40 compliance parameters of terror financing and money laundering. In fact, of the 11 terror financing parameters, Pakistan was considered low on 10.
On Wednesday, Pakistan submitted the 27-point action plan report, which is still under review of the APG. The review will decide whether Pakistan will be removed from the greylist or further degrade to the blacklist. The review is likely to happen on 5 September in Bangkok. While the final decision will come out in October.
Now, Pakistan will have to convince Financial Action Task Force (FATF) before October, when the final review of the action plan will take place. In June 2018, the country was greylisted by the FATF due to its weak domestic laws to handle and curb terror and money laundering. However, it was in the grey list during 2012-15 as well.
This was after the US, France, Germany, UK pressurised the terror watchdog to greylist Pakistan.
Currently, China is the President of FATF. India is an APG and FATF consultation member too. It includes members from the Ministries of Finance, External Affairs and Home Affairs.
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