What is FATF action plan for Pakistan?
In October 2021, the FATF acknowledged Pakistan’s progress on a 27-point action plan on completion of 26 items but kept the country on its increased monitoring list to exhibit terror financing investigations against and prosecutions of top cadres of UN-designated terror groups.
What is GREY list Pakistan?
The Paris-based Financial Action Task Force (FATF) has once again retained Pakistan on the increased monitoring list, also known as the “grey list” and called the country to work on “complex money laundering investigations and prosecutions.”
Is Pakistan a high risk country?
There’s a high threat of terrorism, kidnap and sectarian violence throughout the country, including the major cities of Islamabad, Rawalpindi, Lahore and Karachi.
Which country is in GREY list?
As of March 2022, the FATF greylist included the following countries:
- Albanias.
- Barbados.
- Burkina Faso.
- Cambodia.
- Cayman Islands.
- Haiti.
- Jamaica.
- Jordan.
What is meant by grey list?
The ‘grey list’ means that a country gets limited access to international loans. Specifically, “it means the country has committed to resolving swiftly the identified strategic deficiencies within agreed timeframes and is subject to extra checks”.
What is grey and black list of FATF?
As of 2019, FATF has blacklisted North Korea and Iran over terror financing. Twelve countries are in the grey list, namely: Bahamas, Botswana, Cambodia, Ethiopia, Ghana, Pakistan, Panama, Sri Lanka, Syria, Trinidad and Tobago, Tunisia and Yemen.
Why Pakistan still in FATF grey list?
Since then, the country continues to be on that list due to its failure to comply with the FATF mandates. The concluding session of the plenary meeting of the FATF is due on Friday and includes Pakistan’s review on the agenda, the Dawn newspaper reported.
How many times Pakistan was put in grey list?
Over the past 12 years, Pakistan has been placed on the ‘Grey List’ thrice. Most recently in June 2018, when the FATF urged Islamabad to implement a 27-point action plan to curb money laundering and terror financing by the end of 2019. However, the deadline was extended due to the coronavirus pandemic.
What is national risk assessment in Pakistan?
Pakistan’s 2019 National Risk Assessment (NRA) identified drug trafficking, corruption and bribery, smuggling, tax crimes, illegal financial transfers, and terrorist financing as significant financial risks.
Is Pakistan on the green list?
Pakistan does not technically have a green list of countries. Rather, it categorizes countries into categories B and C. Countries that are denied entry are designated category C countries, while those not specified in category C automatically fall in the B category.
Is Pakistan in FATF GREY list?
Pakistan has been on the grey list of the Paris-based Financial Action Task Force (FATF) since June 2018 for failing to check money laundering, leading to terror financing, and was given a plan of action to complete it by October 2019.
Is Pakistan a member of FATF?
Pakistan has been in the FATF grey list since June 2018 and has been asked to implement the FATF Action Plan fully by September 2019.