Pakistan

Senate Committee examines FATF demands on terror financing

The issue of the Financial Action Task Force (FATF) and Pakistan’s plan to get out of its grey list is being discussed at top level in the powerful state institutions and the Senate Standing Committee on Interior also included it in the agenda of the meeting.

The committee chaired by Senator Rehman Malik of the Pakistan Peoples Party examining the details of the FATF’s demands and allegations against Pakistan. The committee considering the steps taken by Islamabad to get out of the FATF grey list, and any progress, if at all, that has been made so far.
The Paris-based FATF is a global body that combats terrorist financing and money laundering. Its decision to place Pakistan on the global money-laundering grey list was made during a meeting in February. In June, Pakistan was officially placed on the list.
Pakistan believes it has done a lot to get out of the grey list, such as banning both Jamaatud Dawa and its offshoot, Falah-e-Insaniyat. Their operations have been seized, their bank accounts and those of individuals linked to them are frozen and many of their assets have been confiscated.
By the end of September next year, Pakistan must comply with the 10-point action plan it committed to with the FATF in June this year to combat terror financing and money laundering. Should Islamabad fail to ensure the implementation of the action plan, the country may be blacklisted.

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