Skip to main content

Pakistan vows to address deficiencies in AML compliance

KARACHI: Pakistan has vowed to address the strategic deficiencies identified by the global financial system watchdog in the country’s compliance with the standards of anti-money laundering (AML) and combating the financing of terrorism (CFT).The Financial Action Task Force (FATF) on Friday said Pakistan provided “a written high-level political commitment to address the identified deficiencies”.“The FATF calls on [Pakistan] to complete the implementation of action plan expeditiously and within the proposed timeframe,” said the taskforce that works to identify the risks to the international financial system.A Pakistani delegation attended the FATF six-day plenary meeting, which concluded on Friday, to submit its action plan to curb money laundering and terror financing. In February, the FATF decided to place the country on its grey list, but Pakistan managed to avert being placed on the black list.The country was previously part of high risk jurisdictions (blacklist) in 2008 and 2012, while it was under jurisdictions that were making sufficient progress (grey list) in 2010 and 2014. Pakistan was removed from the grey list in 2015.The FATF said it will closely monitor the implementation of the action plan put forward by Pakistan.Pakistan made a high-level political commitment to work with the FATF and its subgroup Asia Pacific Group to strengthen its AML/CFT regime and to address its strategic counter-terrorist financing-related deficiencies.The country will demonstrate “that terror financing risks are properly identified, assessed and that supervision is applied on a risk-sensitive basis”.The country is cooperating and taking action to identify and take enforcement action against illegal money or value transfer services. It is identifying cash couriers and enforcing controls on illicit movement of currency and understanding the risk of cash couriers being used for terror financing.Pakistan vowed to effectively implement “targeted financial sanctions (supported by a comprehensive legal obligation) against all 1267 and 1373 designated terrorists and those acting for or on their behalf, including preventing the raising and moving of funds, identifying and freezing assets (movable and immovable), and prohibiting access to funds and financial services”.The country will strengthen enforcement against violations of terror financing services, including administrative and criminal penalties and provincial and federal authorities cooperating on enforcement cases.“The FATF continues to identify additional jurisdictions, on an ongoing basis, that pose a risk to the international financial system,” FATF said.“The FATF and the FATF-style regional bodies (FSRBs) will continue to work with the jurisdictions… and to report on the progress made in addressing the identified deficiencies.”Currently, FATF has officially designated 10 countries under high-risk jurisdictions (blacklist) and jurisdictions that are making sufficient progress (grey list).

from The News International - Business https://ift.tt/2lIzX1C
Labels:

Comments

Post a Comment

Popular posts from this blog

3 drug pushers, bootlegger held

Islamabad :Islamabad Industrial Area Police have arrested three drug pushers and a bootlegger besides recovery of narcotics and 120 liter liquor from them, a police spokesman said.According to details, a police team of Industrial Area police station arrested three drug pushers namely Kamran, Irfan and Shamoon Masih and recovered 320 gram heroin and 210 gram hashish from them,.Another police team arrested a bootlegger namely Ansar Javed and recovered 120 liter wine, bottles, stickers and brewing equipment from him. Cases have been registered against these nabbed persons and further investigation is underway from them.SP (Industrial Area) Zubair Ahmad Shaikh has said that Industrial Area zone police is doing its job efficiently and crackdown against criminals would be continued.Despite the sit in, he said Islamabad Police has been performing its duty quite efficiently and has successfully managed to maintain the daily life in the Capital.In this regard, Senior Police officers including S...
Post a Comment
Read more

‘Aziz Bhatti Shaheed My Brother, My Hero’

Real heroes are heroes of every one. They are not controversial. Nations love them more than anything. Major Aziz Bhatti Shaheed is among those real-time heroes of 1965 War, who not only stood firm to face the enemy aggression but also repulsed it with his unprecedented courage. He gave his life while defending the frontiers of motherland but never let the enemy succeed in its nefarious designs. The proud nation awarded him with ‘Nishan-i-Haider’, the biggest gallantry award of the country. Now that more than 54 years have passed, since he embraced Shahadat, he continues to live in the hearts of each and every Pakistani. Aziz Bhatti is remembered with love and affection. Nation observes his Yaum-e-Shahadat on 12th of September in a befitting manner.This year was significant in a sense that his younger brother Sardar Ahmed Bhatti (95 years old now) presented this nation a book named ‘Aziz Bhatti Shaheed My Brother My Hero’. This book is classic and unique in a way that it unearths many ...
Post a Comment
Read more

Pragmatic steps taken to implement Axle Load Control regime on NH&MP

Islamabad: Ministry of Communications has taken pragmatic steps to implement the Axle Load Control regime on Motorways & National Highways in the country. Sole objective of this move is to control travelling of overloaded vehicles which lead to fatal accidents besides damaging the national asset of road network of billions of rupees.Prior to implementation of axle load control regime, a technical committee was formed, consisting of officers from Ministry of Communications and National Highway Authority which remained in constant contacts with transport community, Members of the Chambers of Commerce and stakeholders hailing from all the provinces. This technical committee visited their offices and held detailed discussions in series of meetings and took them into confidence to facilitate implementation of Axle Load Control regime. The stakeholders assured of their full cooperation and subsequently, implementation of Axle Load Control was realized which is in progress.It is worth to ...
Post a Comment
Read more