Weak replies annoy FATF team

[Morpheus]

Pakistan committed to implement international anti-money laundering standards: Asad Umar


ISLAMABAD: Federal Minister for Finance Asad Umar on Thursday said that the government is commitment to implement the international anti-money laundering and counter financing terrorism (AML/CFT) standards.

Talking to Asia Pacific Group On Money Laundering’s Mutual Evaluation Team, the finance minister reaffirmed Pakistan’s strong and unequivocal commitment to work with APG and Financial Action Task Force (FATF) in the fight against money laundering, terrorism financing and other financial crimes.

He particularly emphasized that Pakistan would continue to take all actions required to further strengthen its AML/CFT regime.

Headed by Gordon Hook, Executive Secretary of APG, the assessment team briefed the minister about the purpose of their visit to Pakistan.

They said the APG team held several meetings with Pakistan’s Anti Money Laundering/Counter Financing Terrorism (AML/CFT) stakeholders.

Gordon Hook thanked the finance minister for hosting APG’s onsite visit and acknowledged Pakistan’s progress in AML/CFT areas.

Pakistan has launched a crackdown on money laundering to curb terror financing.

It is pertinent to note here that last month, the Securities and Exchange Commission of Pakistan (SECP) also issued Anti-Money Laundering/Countering Financing of Terrorism (AML/CFT) guidelines for Non-Profit Organizations (NPOs).

The guidelines were issued on the basis of the recommendations of the Financial Action Task Force (FATF), keeping in view the evolving threats and challenges faced by NPO sector in the country.

https://arynews.tv/en/pakistan-comm...al-anti-money-laundering-standards-asad-umar/

A more reliable source.

 

[A.A. Khan]

Request Pakistan defence to take initiative and block articles of Dawn, daily Pakistan, Tribune and The news [Jang Group] source on their forums. Half of rapistanis will spend more time building toilets and track their debt which is already crossed. US companies pulled out $14 billion this quarterly from india screwing their rupee and mounting them with more debt.

 

[Morpheus]

Here is another source dated 18/10/2018

https://profit.pakistantoday.com.pk...ctions-to-help-pakistan-get-out-of-grey-list/

and another dated 19/10/2018

https://profit.pakistantoday.com.pk...acknowledges-progress-on-aml-cft-obligations/


Both don't have anything about annoy weak replies. The latter says "Pakistan is in conformity with over 50% of the recommendations."

 

[xyxmt]

will all western countries return money laundered to them from Pakistan

 

[Chakar The Great]

Lol its kinda funny, Indians for no reason are getting excited in something that is completely unrelated to them, but sure they ll go to any extend to get some attention, what else can a barking dog do.

 

[cricketrulez]

Pakistan's progress on FATF requirement termed unsatisfactory

https://www.dawn.com/news/1440178/pakistans-progress-on-fatf-requirement-termed-unsatisfactory

ISLAMABAD: A delegation of the Asia-Pacific Group (APG) has expressed dissatisfaction over Pakistan’s progress to comply with international best practices against money laundering and counter-terror financing.

Informed sources told Dawn that the APG delegation shared its final findings with the authorities of all relevant agencies, highlighting deficiencies in law, regulations and mechanisms and weaknesses of various institutions, and with this pace Pakistan was unlikely to get out of the grey list of the Paris-based Financial Action Task Force (FATF).

The visiting delegation’s Friday meeting was the culmination of its long consultations with the ministries of interior, finance, foreign affairs and law, the Securities and Exchange Commission of Pakistan (SECP), State Bank of Pakistan (SBP), National Counter-Terrorism Authority, Federal Investigation Agency (FIA), Federal Board of Revenue, National Accountability Bureau, Anti-Narcotics Force, Financial Monitoring Unit, Central Directorate of National Savings and provincial counter-terrorism departments.

Asia-Pacific Group’s team will visit Pakistan again in March-April for another ‘on-site mutual evaluation’

The APG delegation told these authorities that it would submit its draft report on its findings to Pakistan by Nov 19. The country was asked to submit its response to the findings within 15 days after the receipt of the report on the basis of which the APG would submit its interim report to the FATF in Paris.

The APG delegation will visit Pakistan again in March-April next year for another ‘on-site mutual evaluation’ whose report will be made public in July 2019. The authorities were told in clear terms that Pakistan would have to make robust and significant progress from now onwards and before the next on-site review in March-April if it wanted to move out of the grey list or else would fall into the blacklist having serious consequences.

The APG delegation, the sources said, highlighted shortcomings on anti-money laundering front, control and monitoring of nonprofit organisations and counter-terror financing mechanism as various institutions suffered poor interface of information sharing and action to combat these deficiencies. Even in areas where legal framework was robust, the APG found the implementation as too weak, the sources said.

The delegation is also reported to have informed the finance minister that the relevant agencies during interactions with the APG were either ill-prepared and ill-informed or unwilling to share information.

The purpose of the delegation’s on-site mutual evaluation visit is to assess the effectiveness of Pakistan’s anti-money laundering/counter-terror financing (AML/CFT) regime under the FATF methodology. The team comprises Ian Collins of UK’s New Scotland Yard, James Prussing of the US Department of Treasury, Ashraf Abdulla of the Financial Intelligence Unit of the Maldives, Boby Wahyu Hernawan of the Indonesian Ministry of Finance, Gong Jingyan of the People’s Bank of China and Mustafa Necmeddin Oztop of the Turkish Ministry of Justice.

In June, Pakistan made a high-level political commitment to working with the FATF and APG to strengthen its AML/CFT regime and address its strategic counter-terrorist financing-related deficiencies by implementing a 10-point action plan to accomplish these objectives. The successful implementation of the action plan and its physical verification by the APG will get Pakistan out of the FATF grey list by September next year.

In August this year, the APG as part of the pre-site mutual evaluation had identified a series of deficiencies in Pakistan’s AML/CFT laws and mechanisms. The Pakistani authorities are required to upgrade agencies and their human resources to be able to handle foreign requests to block terror financing and freeze illegal and targeted assets. The authorities are working on strengthening mutual legal assistance laws for extradition of those involved in terror financing and money laundering on the requests from FATF-member countries.

By the end of September next year, Pakistan will have to comply with the 10-point action plan it had committed with the FATF in June to combat terror financing and money laundering to get out of the grey list or else fall into the blacklist. By January next year, Pakistan will have to identify and assess domestic and international terror financing risks to and from its system to strengthen investigations and improve inter-agency — FIA, SBP, SECP, banks, home and interior departments and associated agencies — coordination, as well as federal and provincial coordination to combat these risks.

The government will also have to complete the profiling (preparing databanks) of terror groups or suspected terrorists and their financial assets and strengths, besides their members and their family backgrounds, and make them accessible at the inter-agency level by January.

Over the next 12 months, i.e. till September 2019, the government will have to complete investigation into the widest range of terror financing activities, including appeals and calls for donations and collection of funds, besides their movements and uses. The outcome will have to be published at least twice before September next year.

Published in Dawn, October 20th, 2018

 

[Abdussamad]

They want regulation of real estate and madersas which is impossible in Pakistan.

Request Pakistan defence to take initiative and block articles of Dawn, daily Pakistan, Tribune and The news [Jang Group] source on their forums.

Are you serious? No sources will be left if these are blocked.