Monday, October 26, 2020

Pakistan: PM Imran Khan forms committee to execute FATF tasks

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Pakistan Prime Minister Imran Khan has set up a 12-member committee to ensure the execution of Paris-based Financial Action Task Force’s (FATF) 27-point action plan, days after the country was put on a terror ‘blacklist’ for its failure to curb funnelling of funds to terrorist outfits, according to a media report.

The move comes after the anti-money laundering watchdog’s Asia Pacific Group last week placed Pakistan in an ‘Enhanced Expedited Follow Up List’ and found that the country was non-compliant on 32 of the 40 compliance parameters related to terror financing and money laundering.

Led by Minister for Economic Affairs Division Hammad Azhar, the National Financial Action Task Force Coordination Committee comprises federal secretaries of finance, foreign affairs and interior besides heads of all the institutions and regulators concerned with money laundering and terror financing, the Dawn newspaper reported.

Related: Pakistani PM to form commission for probing money laundering

The committee is mandated to steer the national effort on FATF, said a notification issued by the Prime Minister’s Office, adding that the committee will ensure execution of all FATF-related tasks till December 21.

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Pakistan failed to convince the 41-member APG plenary to upgrade it on any parameter.

On 11 “effectiveness parameters” of terror financing and money laundering, Pakistan was adjudged low on 10.

Pakistan now has to focus on avoiding the FATF blacklist in October, when the 15-month timeline on the FATF’s 27-point action plan ends

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