Pakistan will be blacklisted if it fails to complete action plan by October 2019: FATF

The Times of India, June 21, 2019

Pakistan will be blacklisted if it fails to complete its action plan by October 2019, the Financial Action Task Force has told Islamabad, according to diplomatic sources. In June last year, Pakistan was placed on the 'grey list' of the international terror financing watchdog and given a 27 points action plan. The 'grey list' is a warning given to a country when it fails to curb terror funding and money laundering. Earlier this week, during a review of the plan, Pakistan had failed to complete 25 of the 27 points in the plan. In the run-up to the FATF plenary in Orlando, Florida from June 16-21, diplomatic sources have said Pakistan will, at the very least, remain in the 'grey list' which it went back into in 2018. After the second review meeting in Guangzhou, China, the Asia-Pacific Joint Group - a committee set up by the FATF to monitor Pakistan's compliance, distinct from the Asia-Pacific Group (APG) - told Islamabad over the weekend that it has to take serious steps to stay off the black list which would mean shutting of all doors to international finance.

India is pushing for Pakistan to be blacklisted. But the opinion among the others is that by keeping Pakistan in the 'grey list' they can continue to pressure Islamabad as well as scrutinise its actions. The FATF action plan was earlier reviewed at the last plenary of the FATF in October 2018. In February 2018, the country was put into the 'grey list' after India submitted new information about Pakistan-based terrorist organisation. The FATF continuing Pakistan in the 'grey list' means its downgrading by IMF, World Bank, ADB, EU and also a reduction in risk rating by Moody's, S&P and Fitch. If blacklisted, it will add to the financial problems of Pakistan, which is seeking aid from all possible international avenues. So far, Pakistan has seized 800 properties belonging to JUD, FIF, JEM and arrested some of their leaders. But pointing out that seizures do not show compliance, FATF has asked Pakistan to explain certain things, like where is the investigation about the source of funds for these bodies. Secondly, Pakistan has not shown any action against terrorist assets - armouries, weapons, explosives and camps. FATF has asked for more detailed action and reporting on this.

Comments

Post a Comment

Popular posts from this blog

India Joins Russia in Voting Against West-Backed Move to Expand Powers of OPCW

The Wire: June 28, 2018 New Delhi: India voted against a UK-backed move that will allow the global chemical weapons watchdog to apportion blame for illegal attacks, criticising the decision to grant “unchecked powers” to the head of the group which could be used for “partisan” purposes. On Wednesday, more than two-thirds of the member states of the Organisation for the Prohibition of Chemical Weapons (OPCW) voted to authorise the international body to identify the perpetrators and sponsors of a chemical weapons attack. It also specifically called on the OPCW’s technical secretariat to begin work on identifying the perpetrators behind the use of chemical weapons in Syria. The draft decision, sponsored by 30 countries, was adopted at the fourth special session of the conference of the states parties to the Chemical Weapons Convention at the Hague, with 82 in favour and 24 negative votes. While Europe, the United States and their allies voted ‘yes’, there was strong oppo...
Read more

As financial insecurity rises in urban India, so does investment in insurance

Image
Scroll.in March 13, 2020 Urban Indians are becoming less confident about their financial security. Up to 58% of them fret over financial independence post retirement, which is a 4% increase from last year. An equal share of urban Indians worry about meeting their daily medical expenses and sustaining their current lifestyle once they stop working. The findings are part of a survey published by Delhi-based Max Life Insurance in association with London-based consultancy Kantar. The firms surveyed 7,014 respondents in 25 cities, including six metros, nine tier-1 cities, and 10 tier-2 cities, between December 2019 and January 2020. Source: Max Life Insurance via Quartz The trends Source: Max Life Insurance via Quartz Source: Max Life Insurance via Quartz Source: Max Life Insurance via Quartz A significant share of urban Indians also say their families will have no financial support in the event of the breadwinner’s death. In such a scenario, around 57% believe the family sav...
Read more

ED tracks Swiss Bank A/Cs of Agusta scamster

The Poineer February 10,2019 Rakesh K Singh The Enforcement Directorate (ED) has tracked a dozen Swiss bank accounts in the name of Rajiv Saxena, who is key accused in the Rs 3,600 crore AgustaWestland VVIP chopper scam. The ED has also found out accounts held by  his family members and associates where the kickbacks in the now scrapped deal were allegedly parked. Two bank accounts are in the name of Rajiv Saxena’s  associates Pankaj Jain and Sumita Jain who are also the authorised signatories. The  third is in the name of another associate Ajit Singh Bubber, but Rajiv and his family members are authorised signatories. The remaining nine accounts are largely owned and operated by Rajiv, his family members and associates. Rajiv Saxena was deported by the UAE authorities on January 30 and the ED formally arrested him the next day and a court later granted his remand to the agency. He is currently undergoing custodial interrogation by the ED. The agency had in 2017...
Read more