• Friday, December 14, 2018

"Not impressed" FATF Inspectors has asked Pakistan to do more and get its house in order

Discussion in 'Strategic & Foreign Affairs' started by kahonapyarhai, Oct 11, 2018.

  1. kahonapyarhai

    kahonapyarhai SENIOR MEMBER

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    ISLAMABAD: Not impressed with the progress made so far, a delegation of the Asia Pacific Group (APG) has asked Pakistan to do more and get its house in order so that it may get out of the grey list of the Paris-based Financial Action Task Force (FATF).

    Apparently the group members found the legal framework insufficient, and the institutional arrangements weak. According to sources, the delegation feared that the set-up installed for scrutinising the activities of non-profit organisations, brokerage houses, exchange companies and donations of corporate entities — registered under the companies act — was not robust enough.

    The sources said that the APG believed that even in areas where the legal framework appeared vigorous, the implementation mechanism was not geared to track down financial flows of the entities in question, because the agencies involved were not well-connected. This weakness was prominent in real estate brokerages where large business transactions remained outside the ambit of legal records.

    Team of Asia Pacific Group asks authorities to issue deadlines for removal of weaknesses

    A team of the Securities & Exchange Commission of Pakistan (SECP) reported to the APG that brokerage houses were largely documented though real estate dealers and their operations were generally outside its area of regulation. The APG also noticed shortcomings in commodity trading — and the effectiveness of laws against money laundering through cross-verification of service providers.

    The sources said the delegation asked the relevant authorities to issue deadlines for resolving the flagged weaknesses so that the problems could be remedied and future performance evaluations be made on the proposed matrix. The authorities would also have to properly record the number of donation boxes placed by religious and other organisations at restaurants and business centres among other places. Besides, all currency and real estate dealers would have to record every transaction — both small and large.

    The purpose of the mutual evaluation onsite visit is to assess the effectiveness of Pakistan’s Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) regime under FATF methodology. The visiting team included Ian Collins of the United Kingdom’s Scotland Yard, James Prussing of the United States Department of the Treasury, Ashraf Abdullah of the Financial Intelligence Unit of the Maldives, Bobby Wahyu Hernawan of the Indonesian Ministry of Finance, Gong Jingyan of the Peoples Bank of China and Mustafa Necmeddin Oztop of the Turkish Ministry of Justice.

    The ministries of interior, finance, foreign affairs and law besides the SECP, the State Bank of Pakistan (SBP), the National Counter-Terrorism Authority (Nacta), the Federal Investigation Agency (FIA), the Federal Board of Revenue, the National Accountability Bureau, the Anti-Narcotics Force, the Financial Monitoring Unit, the Central Directorate of National Savings and provincial counter-terrorism departments would remain available for briefings and explanations.

    In June 2018, Pakistan made a high-level political commitment to work with the FATF and the APG to strengthen its AML/CFT regime and to address its strategic counter-terrorism financing-related deficiencies by implementing a 10-point action plan. The successful implementation of the plan and its verification by the APG is a prerequisite for the FATF to remove Pakistan from its grey list.

    Earlier in August, the APG — as part of the mutual evaluation — had identified a series of deficiencies in Pakistan’s AML/CFT mechanisms. By the end of September next year, Pakistan must comply with the 10-point action plan it committed to with the FATF or else it will fall into the black list.

    The authorities are required to upgrade agencies and their human resource assets to be able to handle foreign requests to block terror financing and freeze illegal assets. The authorities are working on strengthening laws for extradition of those involved in terror financing and money laundering on requests from FATF-member countries.

    By January next year, Pakistan will identify and assess domestic and international terror financing risks to and from its system to strengthen investigations and improve inter-agency cooperation, the FIA, the SBP, the SECP, banks, the interior department as well as all other associated federal and provincial agencies.


    https://www.dawn.com/news/1438240/inspectors-not-impressed-with-work-done-on-fatf-list
     
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  2. Retired Troll

    Retired Troll ELITE MEMBER

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    Islamic Iran welcomes Pakistan in the Blacklist of FATF
     
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  3. 313ghazi

    313ghazi SENIOR MEMBER

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    Good stuff. We need to do everything possible to prevent black money in the economy.
     
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  4. war&peace

    war&peace ELITE MEMBER

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    100% agreed. Govt has not taken sufficient solid steps to curb money laundering. How many directive have been issue? Nil, how many laws (not constitutional amendments) have been enacted? Nil... How many officers and bureaucrats been shuffled....not many...

    Though govt has the intentions but the actions are not sufficient because PTI lacks the homework. So though Pakistan won't go in the blacklist but it won't come out of the grey-list either without doing something concrete and that's a challenge and a pre-election promise of PTI...He should not focus on creating troubles for himself by raising the issue of legalising the illegal immigrants especially Afghans. In fact, IK must listening to the idiots like Shirin Mazari who wants to legalise Afghan refugees. Also it was not PTI's agenda before election so from where did it pop up?

    Here @Indus Pakistan, this chooran of 200 million people cannot be sold to outside world, they want to see the steps taken which frankly the current govt has not taken.
     
    Last edited: Oct 11, 2018
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  5. Path-Finder

    Path-Finder ELITE MEMBER

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    dawn = yawn
     
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  6. Śakra

    Śakra SENIOR MEMBER

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    Lol still shocked cheen and KSA voted against you.
     
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  7. Retired Troll

    Retired Troll ELITE MEMBER

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    Look Basanti KSA cannot vote. And China agrees that financial transparency is of utmost importance for human development in Pakistan.

    Stop this dehati aurat routine for petes sake man. It is embarrassing
     
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  8. war&peace

    war&peace ELITE MEMBER

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    No, Pakistan is not going into the blacklist...at least not this time. The govt will get another chance to get the house in order. They have a valid excuse this time that it is new admin and it is too soon so definitely they will get time but this report will force the govt to take tangible measures and not just lips-servicing. Ch. Fawad engaging in the mud slinging in the parliament is okay for domestic consumption...after all media needs something to discuss but the international players won't bite it.

    Please tell me how can I bring you out of the shock?
     
    Last edited: Oct 11, 2018
  9. Imran Khan

    Imran Khan PDF VETERAN

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    **** you get lost
     
  10. enquencher

    enquencher FULL MEMBER

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    Obviously fatf is not dosti yari group where u can guote higher then mountain n deeper than oceon relations...nor u can show your hazoor m slave relation...that is fact based organisation...and pakistan are factually wrong
     
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  11. IceCold

    IceCold PDF VETERAN

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    FATF is political motivated, a middle finger is in order. We will evetually be made in the black list irrespective of what we do.
    Having said that money laundering however should be curtailed not just for FATF but for ourselves. Strict penalties and fines should be imposed including imprisonment.
     
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  12. Retired Troll

    Retired Troll ELITE MEMBER

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    fyi

    Pakistan is already on the blacklist. All because of Ummah of Faras agents plan a foreign policy similar to Iran's. Soon IPI and TAPI will make sure Pakistan becomes a full version of Bangladesh and all thanks to the baniya inspired populist leader IK.
     
  13. Retired Troll

    Retired Troll ELITE MEMBER

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    He actually gave a policy statement that businessmen will have an influence in policy making of the state. Thats baniya level Lala from Mother India
     
  14. IceCold

    IceCold PDF VETERAN

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    We are on the grey list.
     
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  15. Royal Blue007

    Royal Blue007 BANNED

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    He only talks big. at least till now. Too populist to take decisive action. take Mian Atif fiasco as an example. A baniya would never do that
     
  16. Retired Troll

    Retired Troll ELITE MEMBER

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    Keep believing that. I have no problems.
    This is simple 0 1 binary thing. Either its white or black. That grey bit is just the perks of being Pakistan.