The Financial Action Task Force (FATF) has decided to keep Pakistan on its grey list while acknowledging that the country has fully implemented 26 out of 27 points of its action plan.

The anti-money laundering watchdog has also given another six-point action plan pertaining to the Mutual Evaluation Report (MER) Process to Islamabad.

“Pakistan remains under increased monitoring [list]… the Pakistani government has made substantial progress, making it counter terrorism financing system stronger and more effective,” FATF President Dr Marcus Pleyer said while addressing a press conference following a five-day virtual meeting of the body in Paris.

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He said Islamabad has largely addressed 26 of 27 items on FATF’s action plan. “However, one key item still needs to be completed which relates to the investigation and prosecution of senior commanders and leaders of UN designated terror groups,” the FATF chief added.

In addition to this, Dr Marcus said a separate process has been taking place over the past few years and back in 2019 the FATF regional partner the APG (Asia Pacific Group) identified number of serious issues during its assessment of Pakistan’s entire anti-money laundering and financing system. “Since then Pakistan has made improvement… this include clear efforts to raise awareness in private sector.”

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However, he said Pakistan is still failing to effectively implement number of measures to effectively curb the practices of money laundering.

“This means risks of money laundering remain high which in turn can fuel corruption and organised crime.”

This will be updated…