To meet the demands of the Financial Action Task Force (FATF), the federal government on Monday decided to set up new bodies, sources said. Geo News.
In preparation for the report to be presented at the FATF meeting in the third week of June, work has begun on amendments to the Anti-Money Laundering Act and anti-terrorism financing laws.
It is noteworthy that the federal cabinet had approved the amendments.
The National Anti-Terrorism Authority, the Interior Ministry, the Law Ministry, the Federal Board of Revenue, and the Ministry of Finance are working to amend the laws.
Following the amendments, anti-money laundering and anti-terrorism financing issues will be supported by specialized agencies.
The special agencies will work closely with the FBR, FMU, NICTA, FIA, ANF, NAB and provincial anti-corruption departments, sources said. Dozens of special public prosecutors will be appointed in these institutions.
Under the new rules, money laundering cases will be transferred to specialized agencies, while an integrated system will be set up for the recovery of assets seized under terrorist financing and suspicious remittances.
All investigative agencies will be required to share intelligence, sources said.
A report on the changes to these laws and the implementation of three more points will be submitted to the FATF.
In light of these reports, the FATF will decide to remove Pakistan from the gray list.
Pakistan will remain on the FATF gray list until June
In February, the FATF said that Pakistan would remain on “increased surveillance” when it came to financing terrorism, and therefore, would remain on the gray list until June 2021.
The decision came after a three-day virtual meeting of the FATF on February 22, during which Pakistan reviewed measures taken against the financing of terrorism.
Speaking via live video link, FATF President Dr. Marquis Player said that while the FATF recognizes Pakistan’s counter-terrorism efforts, it still needs to address some serious shortcomings. Need
“Three of the 27 conditions of the action plan still need to be addressed,” he said. “I acknowledge Pakistan’s efforts, and three of the six tasks it was supposed to accomplish have been done, but there is a need to work on the other three in terms of financing terrorism.
The player stressed that Pakistan should continue to work on the items to which it is committed and ensure that it meets all the requirements, adding that the FATF would once again meet in June. Will review Pakistan’s efforts in 2021.
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