By Ali Imran
ISLAMABAD: Pakistan has prepared a report mentioning all its economic measures taken to step out of grey list, and will submit it to the Financial Action Task Force (FATF).
According to the details, Pakistan is determined to satisfy FATF officials. The FATF will review this detailed report on December 7 for its action plan for uprooting money laundering and terror financing.
According to sources, Pakistan has informed the FATF about measures to prevent terror financing, and transfer of assets and jewelry to banned outfits.
The report said that the government has tightened its noose around 190 people while 700 cases of money laundering were investigated against terrorists.
The report read that 170 people who transferred money to terrorists were arrested and 1000 properties of banned outfits were also seized. Investigations are underway against the owners of 35 of these properties, while a probe has also been initiated on another 150 properties. The government is also taking vigorous measures against currency smuggling.
Agencies add: Pakistan has expedited efforts to come out of the grey list as the country submitted a report of its final quarter of the year to the Financial Action Task Force (FATF) authorities, citing sources.
The Paris-based FATF will make an initial review of the implementation report submitted by Pakistan on December 7 for its action plan for uprooting money laundering and terror financing. Sources said that Islamabad has submitted a detailed report over the implementation of FATF action plan which would highlight the solid steps taken by the government for anti-money laundering and terror financing. The report provided details to the international body regarding the investigation into more than 700 cases of terror financing and actions taken against dozens of persons involved in providing financial assistance to the banned outfits. The government has also tightened the noose around the persons who were funding terrorists, sources added.
The assets of outlawed organisations had been taken into the custody of the government and further investigation is underway against the owners of the expensive properties, the report said.
Sources said that the international body will send a questionnaire to the Pakistani authorities after reviewing the implementation report, which will be presented in the upcoming meeting of FATF for debate in the next month, sources said. On October 18, while acknowledging the country’s recent improvements, Financial Action Task Force (FATF) had formally announced that Pakistan will remain on its grey list till February 2020. The global watchdog while recognizing Pakistan’s progress towards money laundering and terror financing, said: “The FATF strongly urges Pakistan to swiftly complete its full action plan by February 2020.”
“Otherwise, should significant and sustainable progress not be made across the full range of its action plan by the next Plenary, the FATF will take action,” the statement cautioned.
“Since June 2018, when Pakistan made a high-level political commitment to work with the FATF and the Asia-Pacific Group (APG) to strengthen its anti-money laundering (AML) and counter-terror financing (CTF) regim.
By Ali Imran