FATF: European Union offers Pakistan technical assistance

Pakistan has accepted the technical assistance offered by the European Union for the implementation of the Financial Action Task Force Action Plan by the country. During the 10th Session of EU-Pakistan Joint Commission which took place in Brussels on November 15, important discussions on cooperation between both the EU and Pakistan took place while laying emphasis on the importance of the implementation of the FATF action plan. The EU has also recognised the challenges faced by Pakistan in the handling of the most protracted refugee situations and further assured the country for constant assistance. EU also extended support towards durable solutions for Afghan refugees along with their host communities in the region including safe return to their homeland. 

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Country faces FATF

The FATF had given the country four months to improve 'counter-terrorist financing'. The FATF had also said Pakistan failed to complete its plans. “Not only did Pakistan fail to complete its action plan items by January deadline; it also failed to complete its action plan items due May 2019”. Pakistan was told to implement a 27- point action plan to block financial loopholes, terror financing, and money laundering in the country. The FATF placed Pakistan on Grey List in June 2018. In August 2019, the Asia Pacific Joint Group (APJG) placed the country in the enhanced follow up list for failure to meet the standards. The list was based on technical compliance and rated 'satisfactory' on meeting 10 points out of the 40.

Read - Pak May Remain On FATF Grey List Beyond Feb 2020: Report

Pakistan to remain on the Grey list

In its mutual evaluation report (MER) Asia Pacific Group (APG) of the Paris-based watchdog, said that Pakistan may remain on the FATF grey list for a protracted period, as it may be handed over another action plan for implementation for one to three years more, Pakistan's newspaper reported after quoting Federal Minister for Economic Affairs Hammad Azhar on Thursday. As a result of the MER carried out by the Asia Pacific Group, Pakistan was under observation until October 2020. According to Azhar if Pakistan does not fully implement the APG's recommendations by October next year, a new action plan of one to three years can be given to the country. 

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(With ANI inputs)