Pakistan enacts ambitious reforms to comply with FATF


Pakistan has committed to an ambitious 26-point action plan spanning a period of 15 months to avoid being blacklisted by the Financial Action Task Force. The plan envisages choking the financing of terrorist groups like Da’ish and the Haqqani network.
The FATF Plenary – the global intergovernmental body working to combat money laundering and terrorist financing, on Tuesday began discussions on the action plan, said sources in the Ministry of Finance.
A formal announcement about Pakistan’s fate is expected on Friday. This is for the first time that all 26 actions have been published in detail.
The plan that the International Cooperation Review Group (ICRG) of Asia Pacific Group (APG) submitted to the FATF Plenary also requires Pakistani authorities to proactively cooperate with counterpart bilateral agencies to choke financing to Da’ish, Al Qaeda, Jamaatud Dawa and its affiliate FIF, LeT, JeM, the Haqqani Network and persons affiliated with the Taliban.
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The sources said that the plan was quite ambitious and added that the country was committed to proving to the world that it was ready to go an extra mile to curb money laundering, despite its reservations that the plan was politically motivated.
“Pakistan will have to deliver on the first goal by January next year and complete all the 26 actions by September 2019,” the sources explained. In February 2018, the FATF approved the nomination of Pakistan for monitoring under its International Cooperation Review Group (ICRG) commonly known as Grey List.

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