Pakistan remains on FATF ‘grey list’, UAE joins the club

Must Read

Genocide is the only option in Balochistan – Pakistani Minister declares

A Pakistani minister in Balochistan, who is de-jure head of security apparatus in the region, has declared that genocide...

Aslam Baloch — The Baloch General – TBP Special report

For seventy years, through ups and downs, successes and failures, with rapid and slow pace, the Balochistan’s...

State’s deadly weapon, Shafiq Mengal – The Balochistan Post report

Strings of suicide bombing in Sindh's Shikarpur city and firing incident on BSO azad's rally in Khuzdar got connected...

The global financial watchdog Financial Action Task Force announced in its hybrid plenary meeting on Friday that Pakistan will remain yet again on its terrorism financing ‘grey list’ for the fifth consecutive year. With two unmet targets out of the 34 recommendations, the watchdog asked Islamabad to resolve the deficiencies in its financial system as soon as possible.

The United Arab Emirates has also joined the watchdog’s increased monitoring list, commonly known as the ‘grey list’, with inadequate controls over terrorism financing.

Pakistan was placed on the grey list in 2018 and has since retained the position for five consecutive years. In addition to the watchdog’s rigorous scrutiny, countries placed in the grey list risk reputational damage, rating adjustments, obtaining global finance, higher transaction costs and reduced foreign investment. Since Pakistan’s placement in the grey list, foreign firms have been averse from investing in the country.

“Pakistan should continue to work to address the one remaining item in its 2021 action plan by demonstrating a positive and sustained trend of pursuing complex [money laundering] investigations and prosecutions,” FATF said.

Pakistani officials have said the country aims to meet the FATF standards by 2023 and therefore exit the watchdog’s grey list.

Pakistan has continuously alleged that the FATF has been ‘politicized’ and India is using the organization to keep Pakistan on the list. India, which was taken in as the 34th member of FATF in 2010, has denied these charges and so has the global financial watchdog.

The United Arab Emirates has also joined the club of the countries placed in the FATF grey list. The Paris-based watchdog said that UAE will work with the FATF to implement an action plan to strengthen the effectiveness of its anti-money laundering and counter-terrorism financing regime.

The UAE government concurred, saying that it had a “strong commitment” to working with the FATF to resolve the issues.

“Robust actions and ongoing measures taken by the UAE government and private sector are in place to secure the stability and integrity of the country’s financial system,” the UAE said in a statement.

SourceTBP

Latest News

CTD slammed over ‘false claims’ of killing Baloch fighters

Baloch “pro-independence” groups and human rights activists have slammed the Counter-Terrorism Department (CTD) for what they called...

Balochistan: Military operation continues in Kech

Pakistani security forces are reportedly carrying out a military operation in Balochistan’s district Kech, local sources have said. The ground forces, assisted...

Pakistan’s largest bank, HBL, faces terror financing charges in US

Pakistan’s largest banking network, Habib Bank Limited (HBL), is facing secondary liabilities in a terror financing case in the United States in...

Karachi: Sindhi separatist outfit booked for attack on Chinese nationals

The Karachi police on Thursday registered a first information report against the Sindhudesh People’s Army, an armed Sindhi separatist group, for attacking...

Mehrgarh museum inaugurated in Quetta

Balochistan Chief Minister Abdul Quddus Bizejo inaugurated the newly constructed Mrhgargh museum on Sariab Road in Quetta on Wednesday, vowing that the...