Pakistani regulators, including the State Bank of Pakistan and the Security Exchange Commission of Pakistan, are lacking in understanding. FATF Review Report
Islamabad (07 October 2019): Asia Pacific Group of the World Organization Financial Action Task Force (FATF) denies Pakistan’s performance in stopping money laundering and terrorist financing ۔ According to the details, the Financial Action Task Force in its review report said that Pakistani regulators, including the State Bank of Pakistan and the Security Exchange Commission of Pakistan, lacked the burden.
Of the 40 recommendations submitted by the WTO, only one has fully implemented the remaining 9 recommendations, to a large extent, 26 have been partially implemented while 4 recommendations have been ignored. The Asia Pacific Group’s review report of the Financial Action Task Force was released 10 days before the meeting of the World Organization, and the possibilities for Pakistan’s exit from the organization’s list are limited.
According to the Asia Pacific Group report, there are several financing mechanisms for which financial intelligence alone is not enough. According to the report, Pakistan is facing the risk of being linked to transnational and terrorist groups. The terrorist groups have been referred to ISIS, Jamaat-ud-Dawa, Lashkar-e-Taiba, Jaish Mohammad, Haqqani Network and Al-Qaeda. The FATF meeting is taking place in Paris from October 13-18.
Adopt a comprehensive and integrated strategy in this regard. Apart from the mentioned groups in Pakistan, the Tehreek-e-Taliban Pakistan, Quetta Shura-Taliban, Welfare Humanity Foundation, etc. are receiving funds from several sources. According to the report, the financial monitoring unit has not been used properly in Pakistan, nor is it restricted organizations, The assets and funds of the individuals and elements involved in financial crimes have been confiscated.
Pakistan, on the other hand, is of the view that the country faces a medium-sized challenge of money laundering and terraced financing, while the WTO incorporates it into the “high risk” category through legal and illegal means. In addition to referral businesses, NPOs, non-financial businesses and professions, difficult boundaries are mentioned.