Three more conditions have been added for Pakistan to get out of the Financial Action Task Force (FATF) grey list. If Pakistan wants to get out of FATF’s grey list then it would have to comply with it.
Pakistan had to comply with 10 main conditions earlier but now three more points have been added. Thus on May 2019, the country’s performance will be reviewed on the basis of the 13 points.
The three conditions are
Pakistan’s revision or upgradation of the national risk assessment on terror financing
The FBR custom report results of improvement on the cash courier to control currency smuggling
Cooperation mechanism, inter-agency among the law enforcing agencies at the federal government and provincial level.
Pakistan’s progress on its prescribed five actions in the meeting were acknowledged by FATF. The country’s case was reviewed in the meeting. Some gaps were identified in the implementation of some action plan items.
10-point agenda for Pakistan was outlined which will be further reviewed in May.
The 10 points are
- Terrorist groups and the terror financing risks posed by them demonstrate an understanding of it
- Reveal that remedial actions and sanctions have been imposed in AML/CFT violation cases
- Reveal the mutual cooperation among authorities and action taken against the illegal money/value transfer services (MVTS).
- Inter-agency coordination must be improved between the authorities federal and provincial against terror financing.
- Law Enforcement Agencies acting against those involved in terror financing must be demonstrated and also against individual and entities acting on behalf of the terrorist organizations.
- Reveal that the individual and entities part of terror financing do face punishment and sanctions
- Display that the terrorists and their partners face financial sanctions that includes not allowing them to raise, move or access funds
- Demonstrate that they are not given resources or allowed to use any resources