Pakistan sends ‘terror financing’ report to FATF

January 6, 2019

TEHRAN - Pakistan has dispatched a Terror Financing Risk Assessment Report electronically to the Financial Action Task Force (FATF) in a bid to secure exit from the grey list of the Paris-based watchdog.

The government has also appointed a 12-member team to explain the action plan it intends to follow to come into compliance with international obligations, according to a report in Dawn.

A senior government official was quoted in newspaper saying that the high-level delegation led by Secretary Finance Arif Ahmed Khan left for Sydney, Australia to attend a three-day meeting of the FATF.

The official said the delegation will address questions and observations of the FATF on the basis of risk assessment report already transmitted to the global anti-terror financing watchdog. The report highlights the implementation status of plans for various agencies of the government on the FATF’s recommendations.

It said a total of 4,643 suspected transactions relating to terror financing and money laundering had been identified and blocked since 2015, including 3,677 suspected transaction reports and 966 financial intelligence reports. A total of 1,167 transactions were captured during 2018 alone, including 975 STRs and 210 financial intelligence reports.

The report identified some key routes of the terror financing and money laundering, saying Pak-Afghan and Pak-Iran borders were two key routes of such flows.

Pakistan was put on the black list on FAFT last year for failing to curb activities related to terror financing and money laundering.

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