Tag Archives: The FATF

Legislation related FATF will move Pakistan from the grey list to the white list, says Minister – world news | Instant News

Task force on financial events (FATF), the legislation will move the country from the grey list to the white list, the foreign Minister of Pakistan Shah Mehmood Qureshi said on Wednesday.

“This legislation, the FATF will move with us to the white list from gray list,” he was quoted as saying by talking over the FATF legislation from the Parliament.

According to a report by Dawn, the government of Pakistan on Wednesday “managed to get two of the task force for financial action (FATF)-related bills passed by the National Assembly in the noisy protest of the opposition.”

Last month, India said that Pakistan continues to be in the Target group for financial action (FATF), ‘grey list’ reaffirms its position that Islamabad failed to take appropriate measures to combat terrorism financing and safe havens that exist in this country.

“Pakistan continues to be on the grey list of FATF. He has yet to show the actions for 13 of the 27 items of the action Plan with the FATF. And this despite all the completion actions are long overdue,” a spokesman for the MEA, Anurag Srivastava said.

“The continued support of Pakistan confirms our position that Pakistan has not taken adequate measures for the suppression of the financing of terrorism and the safe havens that exist in this country,” he added.

This happened after Pakistan received another extension of the grey list during the plenary sessions of the FATF.

Pakistan is likely to remain in the grey list until February 2021 even if he fulfills all of his action plan October 2020 on-site visit by a team of FATF experts should be conducted to confirm the plan.


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Pakistan to ensure the implementation of the action plan with the FATF: Hafeez Sheikh | Instant News

Islamabad: Advisor to Prime Minister on Finance and revenues, Dr. Abdul Hafeez Sheikh said that Pakistan as a responsible member of the international community continues to ensure the early completion of the action plan with the FATF in the framework of increasing the effectiveness of the AML/CFT system.

He noted that of the 27 items of the action Plan with the FATF, Pakistan has turned 14 point action Plan with the FATF and substantialprogress made in resolving the issue, the remaining 13 items of the action Plan.

He was taken to the main statement through the increase in the high-level group on international financial reporting, transparency and integrity for the sake of achieving by 2030 to contribute to the implementation of the 2030 agenda for sustainable development.

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. His Excellency Mr. Tijjani Muhammad-Bande, President of the General Assembly, and H. E. Ms. Mona Juul, President of the Economic and social Council, was also part of the high-level panel

Dr. Abdul Hafeez Sheikh told the panel that Pakistan has made significant progress in addressing the recommendations of the mutual evaluation report, which includes 15 legal amendments in order to meet compliance of the technical condition, updating of the national risk assessment of ML/TF, the implementation of AML/CFT measures for DNFBPs, SRM and Pakistan post, the extension of the sanctions regime, etc.

In addition, he stated that the government of Pakistan has taken several measures in recent years to curb illicit financial flows by strengthening AML/CFT, the rules of 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. For further convergence with the international standards, this law was amended on tax crimes as predicate offences. In the range of predicate offences were added to the schedule of the AML / CFT law, including serious crimes, including corruption, drugs, terrorism and human trafficking, he added.

Dr. Abdul Hafeez Sheikh informed the group that the violations of article 4(1) (UN-authorised FX business) and section 5 (illegal transfer) foreign exchange regulation act ( Fera), 1947, has been included in the plan to fight money laundering (AML) act, 2010, under which these crimes can also be punishable under the AML / CFT law, 2010.He said that changes in the protection of economic reforms act (Pera) 1992 was included to limit the feeding of foreign currency accounts without tax Filers Pakistani residents.

The adviser stated that Pakistan initiated money transfers Pakistan (IRP) to facilitate inward remittances to Pakistan 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. Automating the import of electronic form (EIF) and electronic exports (EEF) banks through Pakistan customs software – web services (WeBOC) to synchronize import and export of goods and payments banks were also some of the steps taken by the government in order to further improve processes. He said that the State Bank of Pakistan and Federal investigation Agency of Pakistan continue to identify illicit IEC (operators Hawa/ Hindi) and take action until their closure, investigation and prosecution of these operators.

In his statement, Dr Abdul Hafeez Sheikh also urged the panel to look at how transnational corporations minimize their tax liabilities to the tax authorities in its countries of operations. He noted that TNCs have developed sophisticated financial and operational models that allow them to maneuver your way through the tax system to shift their profits to low-tax jurisdictions and, in many cases, tax havens, which are very opaque in nature.

He said that Panama paper highlighted the myriad 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 is 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 said.

He also drew the attention of the group to study “transparency international” shows that the overall level of compliance by countries with useful standards of transparency of ownership has been low, as many countries failed to take adequate measures, such as the establishment of registers. Asset recovery in developing countries was slow and the legal framework remains cumbersome, he said.


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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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Pakistan rejects Indian propaganda on the grey list of the FATF – Pakistan | Instant News

Last Update June 26,2020 11:22 PM

Assessment of Pakistan’s action plan, FATF will be submitted to the next plenary cycle FATF

Islamabad (Dunya news) – Pakistan on Friday by rejecting Indian propaganda about extending flatly In the grey list of the FATF remains committed to the implementation of the target group on financial measures of the action plan (FATF).

By the foreign Offee on Friday, Pakistan strongly rejects the statement of the representative Indian the Ministry of foreign Affairs (MEA) and openly rejects the fabricated news reports in the Indian media falsely claiming to be another “expansion” in Pakistan continued on the black list because of the “failure” to complete the action plan in the recently concluded virtual FATF plenary meeting.

The Ministry of foreign Affairs hopes that “the membership of the FATF will consider the malicious campaign against India, Pakistan and reject any attempt to politicize the case of the FATF.”He said: “We totally reject terrorism-related, press Secretary, MES accusations against Pakistan”.The FO said that Pakistan was ready to submit its report at the FATF plenary meeting which was scheduled for June 2020.

However, he said that due to the ongoing COVID-19 pandemic, the FATF it was decided on 28 April 2020 on a General pause for four months in the review process of a number of countries under ICRG (international cooperation review) of assessment, including Pakistan.

“The agenda is virtual the FATF plenary meeting that took place on 24 June 2020, do not include Pakistan. In this virtual plenary session, no new solution to Pakistan,” he stressed.

The statement said that the decisions taken by the FATF plenary in February of 2020, in respect of a number of countries, including Pakistan are still in force. Assessment of Pakistan’s action plan, FATF will be submitted to the next plenary cycle of the FATF, in which Pakistan will submit its report, she added.

He further said that in this background, reports in the Indian media, claiming that the FATF was expanded to Pakistan on a gray list “is clearly misleading and part of the continuing smear campaign by India against Pakistan”. He noted that Pakistan has repeatedly drawn the international community’s attention to the sinister India is trying to use the FATF process because of their narrow political objectives.

“Pakistan has also been raised about the dubious authority of India as the impartial expert of the progress of Pakistan for the action plan with the FATF”, – he said. “India’s efforts to misuse the technical forum of the FATF to discredit Pakistan was seen members of the FATF and not appreciated by the international community”, – stated in the FO added.


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