The Paris-based global money laundering and terrorist financing watchdog had placed Pakistan on the grey list in June 2018 and asked Islamabad to implement a plan of action to curb money laundering and terror financing by the end of 2019 but the deadline was extended later on due to COVID-19 pandemic.
According to the Pakistani authorities, Dawood Ibrahim is residing in White House, Near Saudi Mosque, Clifton in Karachi
The Paris-based Financial Action Task Force (FATF) put Pakistan on the grey list in June 2018 and asked Islamabad to implement a plan of action by the end of 2019, but the deadline was extended later due to COVID-19 pandemic.
Global anti-money laundering watchdog FATF will review Pakistan's performance to meet international commitments in the fight against terror financing during a meeting scheduled to be held in China in June.
India will be subject to mutual evaluation at the FATF later this year. A positive outcome for India is very crucial in its quest to become a major player internationally, particularly in securing a more transparent and stable financial system.
Though the implementation is slated for January 15, 2021, it is uncertain how the government is prepared for the infrastructure and logistics challenges. In addition to the serious FDI roadblocks this creates, it is unclear how this disruption will affect the jewellers or benefit the consumers.
Pakistan submitted a report comprising answers to 22 questions to the FATF on December 6.
Global terror financing watchdog FATF last month retained Pakistan on its 'Grey List' till February next year for its failure to take adequate action against money laundering and terror financing.
Pakistan was placed on the Grey List by the Paris-based Financial Action Task Force (FATF) in June last year and was given a plan of action to complete it by October 2019, or face the risk of being placed on the Black List with Iran and North Korea.
The FATF noted that Pakistan addressed only five out of the 27 tasks given to it in controlling funding to terror groups like the Lashkar-e-Taiba and Jaish-e-Mohammad, responsible for series of attacks in India.
More than two months since a virtual lockdown, developments in Kashmir have been more or less according to New Delhi’s plan. Now, with the easing of restrictions, the challenge will be to get the ordinary Kashmiri to participate in the new normal.
The FATF will finalise its decision on Pakistan on October 18
Doval, who was addressing a meeting of the chiefs of the Anti Terrorism Squads (ATS), said the biggest pressure on Pakistan comes from the functionaries of the FATF.
Speaking at a General Assembly Sixth Committee meeting on ‘measures to eliminate international terrorism', First Secretary/Legal adviser in India's Permanent Mission to the UN Yedla Umasankar on Wednesday called for increased cooperation between the Financial Action Task Force (FATF) and the UN to combat terror financing.
The Paris-based FATF is an intergovernmental organisation to develop policies to combat money laundering and terrorism financing.
The FATF last year placed Pakistan on the grey list of countries whose domestic laws are considered weak to tackle the challenges of money laundering and terrorism financing.
The Paris-based Financial Action Task Force (FATF), which concluded its week-long meeting in Florida in the US, also asked Pakistan to take credible, verifiable, irreversible and sustainable measures to address global concerns related to terrorism and terrorist financing emanating from the territory under its control.
FATF, the Paris-based global body, is working to curb terrorism financing and money laundering and has asked Pakistan to reassess the operation of banned terrorist outfits in the country.
The FATF threats have produced a temporary shutting down and freezing for terror infrastructure, but all that has been done is reversible. There is not a single irreversible action here.
On May 3, Finance Minister Arun Jaitley said India will ask the FATF to put Pakistan on a blacklist of countries that fail to meet international standards in stopping financial crime.
Saeed’s LeT has been a banned outfit in Pakistan since January 2002. Yet, the 26/11 Mumbai terror attacks mastermind continues to operate with impunity from Pakistani soil and even contest elections.
Countries blacklisted by the FATF are under ‘high risk and other monitored jurisdiction’
Israel says on December 10 that its acceptance into the group will allow it to take an active role in global policy-making on the issues.
The country will have to deliver on all the 27 points by September next year. In case it fails, Pakistan can be blacklisted, which carries serious financial implications.
Currently placed on the FATF's 'grey list', Pakistan has been scrambling in recent months to avoid being added to a list of countries deemed non-compliant with anti-money laundering and terrorist financing regulations by the Paris-based FATF, a measure that officials here fear could further hurt its economy.