FATF sets Dec 15 deadline for Pakistan

November 26, 2018

TEHRAN _ Pakistan, which has been blacklisted by the Financial Action Task Force (FATF), will have to comply with 27 actionable plans of the body by December 15 to escape from the blacklist, according to reports.

The ‘actionable plans’ include sharing evidence for effective implementation against eight mentioned prescribed entities and their affiliates by tracing and freezing their assets, said a report in The News International.

The FATF has placed this condition to comply with the United Nations Security Council Resolution (UNSCR) 1267 and 1373 and Pakistan will have to implement it by May 2019.
In case of noncompliance, Pakistan could be placed into blacklist or kept into existing grey list for another year anytime during January to September 2019 with far-reaching consequences.

The FATF is scheduled to meet in Sydney from January 5 to 7, 2019 to review the progress report on 670 observations raised by the Asia Pacific Group (APG) — a regional body of FATF — for showing concerns over unsatisfactory report.

Pakistan’s progress report and APG’s response during October 2018 visit reads out that the regional body of FATF known as APG asked Pakistan to share an explanation of which law enforcing agencies/security intelligence agencies hold information on 1,267 and 1,373 designated persons and entities and their affiliates including Daesh, Al-Qaeda, Falahe-e-Insaniat (FIF), Jamat-ud-Dawa (JuD), Jaish-e-Mohammad (JeM), Haqqani Network (HQN) and persons affiliated with Taliban.

Alone on this one major outcome, the APG team raised 18 observations and sought a detailed response from the Financial Monitoring Unit (FMU) by December 15, 2018.

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