Why Pakistan is in Greylist of FATF?
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Why Pakistan is in Greylist of FATF?
Why was Pakistan retained in the ‘grey list’? Pakistan was ‘grey listed’ in June 2018, after the FATF found multiple strategic anti-money laundering (AML)/combating the financing of terrorism (CFT) deficiencies on its part. It was asked to implement the action plan for achieving 10 objectives.
Is UK a member of FATF?
They are Crown Dependencies of the United Kingdom (which is an FATF Member). In October 2012 the Crown Dependencies of the UK became subject to assessment by MONEYVAL, and subject to its follow-up and other procedures and processes.
Is Pakistan a high risk country for Money Laundering?
Pakistan is categorised by the US State Department as a Country/Jurisdiction of Primary Concern in respect of Money Laundering and Financial Crimes. Pakistan’s geographic location and porous borders with Afghanistan, Iran, and China make it vulnerable to narcotics and contraband smuggling.
What is Money Laundering in Dubai?
The Decree-Law defines a perpetrator of a money-laundering offence as any person who is aware that the money was derived from a felony or misdemeanour, and intentionally continue to transfer, conceal, acquire, help somebody to acquire or possess such money.
Who represented Pakistan at FATF plenary in Paris?
The FATF plenary and working group meetings started in Paris, France on Monday and concluded today. A delegation headed by Federal Minister for Economic Affairs Hammad Azhar represented Pakistan at the meetings.
When will Pakistan be removed from FATF’s grey list?
In October 2019, the FATF decided to keep Pakistan on its grey list till February, giving it time to implement the 27-point action plan.
What did FATF say about Pakistan’s action plan?
“FATF reviewed progress made by Pakistan towards implementation of the Action Plan. While acknowledging the steps taken by Pakistan towards implementation of [the plan] and welcoming its high-level political commitment, FATF highlighted the need for further actions for completing the Action Plan by June 2020,” the handout said.
Is the FATF APG unfriendly to Pakistan?
Moreover, Islamabad believes that the current governing structure of the FATF APG is extremely unfriendly to Pakistan’s interests. For Pakistan, India and the U.S., which form the central body of the APG forum, stand to gain by isolating Islamabad internationally.