Work on “Complex Money Laundering Investigations, Prosecutions”: FATF Keeps Pakistan on Gray List | world news


Paris: The Paris-based Financial Action Task Force (FATF) has once again kept Pakistan on the enhanced watch list, also known as the “grey list”, and called on the country to work on “investigations and complex money laundering prosecutions”.

This decision was taken after the conclusion of the four-day FATF Plenary from March 1-4.

Imran Khan’s Pakistan has been on the FATF gray list for shortcomings in its anti-terrorist financing and anti-money laundering regimes since June 2018. This gray list has negatively impacted its imports, exports , its remittances and limited access to international loans.

“Since June 2021, Pakistan has taken swift action to improve its AML/CFT regime and has completed 6 out of 7 actions before the expiry of any relevant deadline, including demonstrating that it is enhancing the impact of sanctions by appointing individuals and entities to the UN designation and withholding and confiscation of proceeds of crime in accordance with Pakistan’s risk profile,” the FATF said in a statement.

“Pakistan should continue to work to address the only remaining element in its 2021 action plan by demonstrating a positive and sustained trend in pursuing complex ML investigations and prosecutions,” he added.

Meanwhile, the global financial watchdog has also added the United Arab Emirates (UAE) to its “grey” watch list.

“In February 2022, the UAE made a high-level political commitment to work with FATF and MENAFATF to strengthen the effectiveness of its AML/CFT regime,” the FATF statement read.

The FATF Plenary took place under the German chairmanship of Dr Marcus Pleyer and saw the participation of more than 200 members of the Global Network and observer organizations, including the International Monetary Fund, the United Nations and the Egmont Group of Cells financial intelligence.

The event took place in a hybrid format with a significant number of participants attending in person due to the gradual easing of COVID-19 related restrictions in several countries.



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