According to the statement released by the FATF, Islamabad has provided evidence that investigations and prosecutions into the funding of terrorism target top leaders and commanders of UN-designated terror organizations.
The Financial Action Task Force (FATF) has agreed to conduct a “on-site” visit in Pakistan after certifying that Islamabad has finished the implementation of its action plans. This move brings Pakistan one step closer to removing itself from the “grey list” that it has been on since the FATF was established.
Pakistan has been included on the list of “Jurisdictions under Increased Monitoring” that is maintained by the Financial Action Task Force (FATF). This list is more often referred to as the “grey list.” It has been found that the countries on this list suffer from “strategic inadequacies” in their ability to develop an effective legislative framework to fight money laundering and the funding of terrorism.
Following the conclusion of the plenary on Thursday in Berlin, the Financial Action Task Force (FATF) made the announcement that since Pakistan had substantially finished its action plans, the country had earned the right to an on-site inspection at the “earliest feasible date.”
“At its June 2022 Plenary, the FATF made the initial determination that Pakistan has substantially completed its two action plans, covering 34 items,” said the FATF statement on the outcomes of the plenary related to countries on the sanctions list. “Pakistan warrants an on-site visit to verify that the implementation of Pakistan’s AML/CFT reforms has begun and is being sustained, and that the necessary political commitment remains in place to sustain implementation and improvement in the future,” added the FATF statement.