Pakistan might sojourn on FATF Grey List over Feb 2020: Report

Islamabad: Pakistan might sojourn on a Financial Action Task Force’s Grey List over Feb 2020 for income laundering and apprehension financing due to a “risk profile”, according to media reports.

Pakistan was placed on a Grey List by a Paris-based Financial Action Task Force (FATF) in Jun final year and was given a devise of movement to finish it by Oct 2019, or face a risk of being placed on a Black List with Iran and North Korea.

The FATF defended Pakistan on a Grey List and warned a nation of movement for a disaster in combating income laundering and apprehension financing. The preference was taken after a five-day full of a FATF hold in Paris in October.

“Pakistan faces larger hurdles than many other countries since of a risk profile,” Hammad Azhar, a apportion obliged for mercantile affairs division, was quoted as observant by Dawn journal on Friday.

He was vocalization during a assembly of a National Assembly’s Standing Committee on Finance and Revenue.

He pronounced that some countries had been private from a Grey List after usually 80 per cent correspondence while Pakistan was being pressurised to safeguard 100 per cent correspondence with a movement plan.

“Pakistan is being noticed from a really high threshold; there is a domestic component to this,” he said.

The Asia Pacific Group of a FATF had found critical deficiencies in Pakistan’s anti-money laundering measures and combating apprehension financing frameworks in a mutual analysis news expelled a few weeks ago.

“As a outcome of a Mutual Evaluation Report (MER) carried out by a Asia Pacific Group, Pakistan was underneath regard compartment Oct 2020,” The Express Tribune quoted a apportion as saying.

Since Pakistan continues to be in a FATF ‘Grey List’ , it would be really formidable for a nation to get financial assist from a IMF, a World Bank, ADB and a European Union. There is also a risk of rebate in rating by Moody’s, SP and Fitch, creation Pakistan’s financial condition some-more precarious.

The FATF full in Oct remarkable that Pakistan addressed usually 5 out of a 27 tasks given to it in determining appropriation to apprehension groups like a Lashkar-e-Taiba, Jaish-e-Mohammad and Hizbul Mujahideen, obliged for a array of attacks in India.

The FATF asked Pakistan to quickly finish a full movement devise by Feb 2020.

Leave a Reply