The Financial Action Task Force will continue to keep Pakistan on its “increased monitoring” list, whereas also acknowledging the country’s improvement and determinations to fight off terror funding, and advising it to work on the matter as soon as possible “the one remaining CFT-related item”.
While talking during a media talk following the June 21-25 plenary session conducted in Paris just today, FATF President Dr Marcus Pleyer stated that Pakistan will continue to be under “increased monitoring”.
“The Pakistani government has made substantial progress in making its counter-terrorist financing systems stronger and more effective. It has largely addressed 26 out of 27 items on the action plan it first committed to in June 2018,” he mentioned
He also stated that the plan aims on terrorist funding issues.
He said that the one crucial action item still needs to be done “which concerns the investigation and prosecution of senior leaders and commanders of UN designated terror groups”.
“These include clear efforts to raise awareness in the private sector to Pakistan’s money laundering risks and to develop and use financial intelligence to build case.
“However Pakistan is still failing to effectively implement the global FATF standards across a number of areas. This means the risks of money laundering remain high which in turn can fuel corruption and organised crime,” he said.
“This is about helping authorities stop corruption and prevent organised criminals from profiting from their crimes and undermining the financial system and legitimate economy in Pakistan,” Dr Pleyer concluded.
