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Action plan negotiated with FATF: FO

29 June, 2018

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ISLAMABAD: The Foreign Office on Thursday said that an ‘action plan’ had been negotiated with the Financial Action Task Force (FATF) to address strategic deficiencies in Pakistan’s anti-money laundering and counterterrorism financing regime, which had been pointed out by the global illicit financing watchdog.

Now that the action plan has been negotiated, Pakistan’s grey listing, which had been decided in February, would take effect. The FATF would officially announce Pakistan’s inclusion in the grey list on Friday.

Responding to reports that the government had failed to prevent Pakistan’s inclusion in the grey list, FO spokesman Dr Mohammad Faisal said: “In February 2018, during the FATF plenary session in Paris, it was agreed that Pakistan will be included in the ‘grey list’ in June 2018.”

He noted that it had also been agreed in February that Pakistan and the FATF would negotiate an action plan by June. “This has been done,” he added.

Pakistan reportedly committed to a 26-point action plan, which would be implemented over the next 15 months. Besides other actions, the plan includes squelching of finances of Jamaatud Dawa, Falah-i-Insaniat, Lashkar-e-Taiba, Jaish-e-Muhammad, Haqqani network and Afghan Taliban. Failure to negotiate the action plan could have led Pakistan to the blacklist.

The deficiencies identified in Pakistani anti-money laundering and counterterrorism financing regime included inadequate monitoring and regulatory mechanisms, low conviction rate on unlawful transactions, poor implementation of United Nations Security Council resolutions 1267 and 1373 and cross-border illicit movement of currency by terrorist groups.

The spokesman reaffirmed Pakistan’s commitment to implementing the action plan which once implemented would get it out of the grey list.

In its June 9 meeting the National Security Committee had extended the commitment to implement the action plan. The FATF requires high-level political commitment from the country concerned to implement the needed legal, regulatory and operational reforms.

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