ISLAMABAD: The International Financial Action Task Group (GAFI) announced Friday that Pakistan would continue on its “enhanced watch list”, better known as the Grey List.
“Our discussions are confidential, and members have reached a consensus that Pakistan will have to resolve these six issues to be given a stopover at the site,” he said.
“As soon as the plenary makes the decision that Pakistan has completed the 27 points, a stopover will be made on the spot. After that, it will be whether the country will be able to get off the gray list or not,” he said. Additional.
The plenary scheduled for June, but postponed due to the Covid-19 pandemic.
The global monetary control body had in 2018 placed Pakistan on its grey list of countries whose controls on cash laundering, a possible source of terrorism financing, were insufficient, and gave it the action plan to launch.
In February of this year, the country granted an era of grace of four months, until June of this year, to meet foreign counter-terrorism investment standards, which lasted until October due to the coronavirus pandemic.
“The FATFI urges Pakistan to temporarily complete its comprehensive action plan until June 2020,” the FAT GAFI said in a statement after an assembly in Paris in February. “Otherwise, if significant and lasting progress is made, i. e. in the prosecution and sanctioning of the FT (terrorist financing) is not achieved through the next Plenary, the FATFI will take action. “
In February, the FATFI noted that Pakistan had achieved 14 cases but without thirteen other objectives. On 28 July, the government informed Parliament of compliance with 14 issues of the 27-point action plan and 10 of the 40 recommendations.
On 16 September, however, the parliament’s joint consultation amended some 15 to update its legal formula in accordance with foreign criteria, as required by the agency.
Officials expect an outcome, especially after Parliament’s recent law on financing the fight against terrorism and money laundering.
However, being blacklisted would put Pakistan in the Iran and North Korea corporation and see it rejected by foreign monetary institutions.
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