Tag Archives: Action plan with the FATF

Pakistan enforcement of the FATF’s plan of action as a responsible state | Instant News

Islamabad: Advisor to Prime Minister on Finance and revenue Abdul Hafeez Sheikh said that Pakistan continues to facilitate the speedy completion of the task force the financial action plan of action (FATF) as the responsible state, ARY news reported on Friday.

Abdul Hafiz Sheikh is engaged in the high-level panel of the United Nations in international financial reporting, transparency and integrity for the sake of achieving up to 2030 aims to promote the implementation of the 2030 agenda for sustainable development.

Also, the President of the General Assembly Tijjani Muhammad Bande, and the President of the Economic and Social Council MS Mona Juul was part of a group.

The AIF group discussed, among other things, in General, these member States efforts to implement the comprehensive international mechanisms relating to financial accountability, transparency and integrity are critical to financing the sustainable development Goals.

The assistant to the Prime Minister on Finance said that the Federal government has consistently increased the effectiveness of anti-money laundering (AML) and countering the financing of terrorism (CFT) regime.

In the press release of the Ministry of Finance read that the Sheikh said Pakistan has contacted 14 of the 27 items of the action Plan with the FATF while there has been significant progress in addressing the remaining 13 of them.

He told the panel that Pakistan has made significant progress in addressing the recommendations of the mutual evaluation report, which included 15 legal changes to meet technical requirements, updating of the national risk assessment of ML/CT, the implementation of anti money laundering/countering the financing of terrorism (AML/CFT) measures to designated non-financial businesses and professions (DNFBPs), the Central Directorate of national savings (CDNs) and the Pakistan post, the extension of the sanctions regime, etc.

Pakistan has taken a number of measures in recent years to curb illicit financial flows by strengthening the rules on AML/CFT customer due diligence (CDD) and “know your customer” (KYC) and other AML/CFT instructions for financial institutions were brought into line with the FATF standards, said the Sheikh.

According to the state news Agency Appthe adviser stated that Pakistan initiated the Pakistan remittances (IRP) to facilitate inward remittances into the country through official channels. Thus, in Pakistan, registered an increase in remittances over the last decade, increasing from $6.4 billion in FY08 to $ 23 billion in FY20.

The adviser said that the State Bank of Pakistan (SBP) and Federal investigation Agency (FIA) continue to identify illegal transfer of money or value (MVTS), hawala and Hindi operators, and to take measures, including closure, investigation and prosecution of these operators.

He said that Panama papers highlighted the many ways in which the rich can exploit secretive offshore tax regimes and to expand the gap between rich and poor. The abuse of anonymous shell companies-one of the reasons why many countries today are faced with great challenges in the face of COVID-19 pandemic. For many years, they have allowed corruption, fraud and tax evasion, he added.

Hafiz Sheikh has also attracted the attention of the group to study transparency international (ti) shows that the overall level of compliance by countries with beneficial ownership transparency was low, as many countries failed to take adequate measures, such as the establishment of registers.




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In China vs US, Pakistan took the side. He served in the army – world news | Instant News

Since then, the world began to poke a finger in Beijing for the spread of the coronavirus, Pakistan went out of his way to Express solidarity with China. Even to the extent of refusing to allow its 1,000-odd students stranded in Wuhan, in the epicentre of the outbreak, to return to Islamabad in February. It is no secret that Beijing has been receiving support from all his friends, or clients, as some analysts describe relations between China and Pakistan. Islamabad, the debt to China for more than one reason, have gone a step further. China was defeated countries, particularly the United States, and was widely considered to be gross negligence Beijing, which led to the spread of the disease, which has infected 11 million people worldwide and killed about 530,000.

In the cacophony that followed, as countries took part, Pakistan has, of course, the loudest voice in support of China despite some concerns in foreign policy circles in Islamabad.

Before the world was able to see the consequences of a pandemic, Pakistan was in a comfortable position on the foreign policy front, particularly in the Chinese-American matrix. It was effectively using its influence on the Taliban to extract concessions from the US in the global financing of terrorism Watchdog task force on financial activities. Washington was soft-pedaling on the failure of Pakistan in accordance with the action plan of FATF and allowed him extra time in Paris plenary in February. Postponement, by any standards, was a fair indicator of the successful treatment of the Ministry of foreign Affairs of Pakistan to manage a difficult situation.

A big part of that the efforts of the Pakistani diplomats to focus on the sensitivity in Washington seemed to have come undone as the Pakistani service began to carry signals from Beijing, which wanted the government of Prime Minister Imran Khan to continue to back them up. Seasoned officials in the Ministry of foreign Affairs and some in the office of the Prime Minister, was the first to notice changes in the approach of Washington. Officials, including the US-educated special adviser on national security Moeed Yusuf and the UK-education Zulfi Bukhari, realized the impossibility of balancing relations with Washington and Beijing in the face of inflexible institutions, and decades of thinking is characterized by mistrust of the West.

Pakistani military of bigotry and the stranglehold over key foreign policy issues has prevented the country could benefit from existing experience at home and develops a pragmatic and non-confrontational foreign policy. At a time when world public opinion sharply against Beijing, Pakistan decided to play the devil’s advocate.

For example, when foreign Minister Shah Mahmood Qureshi made a statement on a telephone conversation with his Chinese counterpart Wang and the Ministry of foreign Affairs, to mark, to highlight Pakistan’s commitment to the “one China policy” and to Express support to China on its “vital interests, including Hong Kong, Taiwan, Tibet and Xinjiang”.

In Pakistan, the army was in a key position, regardless of the mode of power. It may also have nothing to lose if Pakistan again together with such as North Korea. In fact, it was argued that criticism of his influence of the army in politics and civic life seeks increased proportionally with the isolation of Pakistan, as well as access to material goods for his leadership.

The army was the largest beneficiary of the billions that the US has invested in Pakistan in the name of support for the war on terror.

When it seemed dried out, he found a donor in Beijing, for whom a China-Pakistan economic corridor has become a flagship project for its ambitious belt and one road initiative. It can also lead Pakistan into a debt trap.

Thousands of Pakistanis have paid with their lives for a short-sighted strategy of creation of arms and cultivation of terrorists and transformation of terror into an instrument of foreign policy.

What troubles a new strategy for milk China and CPEC will lead to the Pakistanis, only time will tell. More erudite officials of the foreign office can visualize the consequences for Pakistan, such as the increased likelihood of its completion in the FATF blacklist, if it does not perform its action plan.


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