Despite jailing Mumbai attack mastermind Jamat-ud-Dawa chief Hafiz Saeed for 11 months for terror financing, Pakistan hasn’t been able to get itself out of the Financial Action Task Force’s (FATF) Grey List.
However, for Pakistan’s good, it has managed to thwart the possibility of finding itself in FATF’s Blacklist as of now, which would have affected its trade and Foreign Direct Investment (FDI).
FATF has now given Pakistan four months to take action on the 8 fresh points that it mentioned during the meet. FATF has said that if Pakistan fails to adhere to the following points, it will be blacklisted.
Earlier Pakistan had been assigned a 27-point to-do list for and given 15 months to get working, which it surely has failed at.
The current new points as quoted Hindustan Times are:
(1) demonstrate remedial actions and sanctions are applied in cases of anti-money laundering and anti-terrorist financing regimes
(2) demonstrate competent authorities identify and act against illegal money or value transfer services
(3) demonstrating implementation of cross-border currency and Bearer-Negotiable Instruments controls at ports of entry including effective, proportionate and dissuasive sanctions
(4) demonstrate that law enforcement agencies identify, probe and prosecute the widest range of terror funding activity. This should also cover designated persons and entities and those acting on their behalf
(5) demonstrate that terror financing prosecutions result in effective, proportionate and dissuasive sanctions
(6) demonstrate effective implementation of targeted financial sanctions against UN designated terrorists and prevent them from raising or moving funds
(7) demonstrate enforcement against terror financing violations including administrative and criminal penalties
(8) demonstrate that facilities and services owned or controlled by designated persons are deprived of access and use of their resources
