What Is 27th Point That Keeps Pakistan On Grey List

Aizbah KhanWeb Editor

26th Jun, 2021. 12:05 pm
FATF: What Is 27th Point That Keeps Pakistan On Grey List?

The Financial Action Task Force (FATF), an international body working to curb money laundering and terrorist financing, announced on Friday its decision to put Pakistan on the grey list, saying that Pakistan has complied with all 26 out of 27 points, but its name cannot be removed from the grey list unless it meets the complete criteria.

In a press conference after the five-day meeting of the FATF in Paris, the president of the organization Marcus Pleyer informed about the important decisions.

Asked about keeping Pakistan on the grey list for a longer time, he said, “Our rules are clear, those who do not follow them will have to stay on the list.”

The FATF president said that a new money-laundering action plan was being given to Pakistan.

Pakistan have to work On This Point

The FATF chief urged Pakistan to implement the remaining one item as soon as possible. Explaining the item, he said the FATF wanted Pakistan to prove that investigations and convictions in terrorist financing cases now target “senior leaders” and “commanders” of UN-designated terrorist groups.

Earlier, Pakistan had enacted legislation against such persons nominated by the United Nations and several such persons, including Hafiz Saeed, the leader of Jamaat-ud-Dawa, have been arrested.

Hafiz Saeed is currently serving his sentence in jail in various cases, including terrorism and financing of terrorists.

The FATF chief said that money laundering was still going on and Pakistan needed to expand its investigation further.

Pakistan has recently passed about a dozen laws in the Assembly in this regard and several steps have been taken. That is why the head of the FATF also admitted in his press conference that Pakistan has financed terrorism. Has taken many steps against which he is grateful to the Pakistani authorities.

“However, money laundering is still going on and Pakistan needs to expand its investigation further.”

What are the points of the new money laundering action plan?

In addition to one point of the counter-terrorism action plan, Pakistan also had to implement forty recommendations in a joint review of the Asia-Pacific Group, a subsidiary of FATF, most of which dealt with money laundering.

In this regard, Pakistan has now been given a new six-point action plan by FATF.

According to the plan, Pakistan has to address the shortcomings of money laundering and terrorist financing which are as follows.

1. Promote international cooperation by amending money laundering laws.

2. Prove that international cooperation is being sought against UN nominees.

3. Prove that there is a mechanism in place to monitor and take action against non-financial businesses and professionals in the country, such as real estate agents, jewellery dealers, lawyers, accountants and other professionals. available.

4. A system of action should be devised against such persons for the elimination of unnamed properties etc.

5. Investigate money laundering and work with other countries to seize their assets and impose penalties.

6. Supervise non-financial businesses and professionals to ensure that they comply with rules regarding the proliferation of nuclear material and impose sanctions on those who do not.

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