Pakistan to remain on Grey List of FATF
The Global anti-terrorism watchdog Financial Action Task Force (FATF) decided to maintain Pakistan into Grey List till June 2021 on February 25, 2021.
- This decision by the FATF was taken in the light of country’s failure to fully comply with the 27-point action plan of to combat the terrorism.
- This decision was taken following a virtual plenary session that was over three days.
- The FATF has decided to keep the Pakistan into the grey list and will remain under the increased monitoring because serious deficiencies were observed with respect to the terror financing.
- Though, Pakistan has taken several steps but it needs to act upon three important points out of 27 action points.
What does FATF said?
FATF said that, Pakistan needs to work on implementing following three remaining items out of 27 items:
- It needs to demonstrate the Terror funding investigations and prosecutions targeting the persons & entities acting on behalf of the designated persons or entities.
- It needs to demonstrate that Terror funding prosecutions results in to Proportionate, effective and dissuasive sanctions.
- It needs to demonstrate the effective implementation of targeted financial sanctions against all the UN security council resolution 1267 and 1373 designated terrorists.
The FATF had also kept the Pakistan into grey list in October, 2020 and decided that FATF will continue to make it difficult for Pakistan to get aid from World Bank, Asian Development Bank, International Monetary Fund, and European Union. India being a member of FATF also has repeatedly asked Pakistan to take necessary steps comply with the international standards to stop the financial crimes.
United Nations Security Council resolution 1267
This resolution was adopted on October 15, 1999. Under this resolution, Council had designated Osama bin Laden and the associates as terrorists. The council established a sanctions regime in order to cover the individuals and entities who are associated with the Al-Qaida, Osama bin Laden or Taliban.
Category: International Current Affairs