FATF compliance unit established in FIA

Published July 19, 2019
The newly established unit will work under the Counter-Terrorism Wing of the FIA. — Photo courtesy FIA
The newly established unit will work under the Counter-Terrorism Wing of the FIA. — Photo courtesy FIA

The Federal Investigation Agency (FIA) on Friday constituted a separate unit to ensure effective and timely completion of the Financial Action Task Force's (FATF) action plan.

According to a notification, a copy of which is available with DawnNewsTV, the newly established unit will work under the counterterrorism wing of the FIA.

Read more: FATF compliance will require all-out effort

"The FATF compliance unit will serve as the focal point for all activities related to the FATF action plan," read the notification.

The FIA transferred 11 officers to the compliance unit with immediate effect. According to the notification, the unit was empowered to seek information, officers and record of meetings from different zones.

Islamabad has been on the global money laundering watchdog’s radar since June 2018, when it was placed on a grey list for terrorist financing and money laundering risks after an assessment of the country's financial system and security mechanism.

Islamabad requires at least 15 out of 36 votes to move out of the watchdog’s grey list, which is causing an estimated loss of $10 billion per year. Last month, Islamabad had thwarted a move to place the country on the FATF's blacklist.

Earlier in June, Islamabad, at a meeting in Guangzhou, China, was reportedly asked to “do more" as its compliance on 18 of the 27 indicators — pointed out in the action plan — was unsatisfactory.

Pakistan, in recent months, has taken some major steps in accordance with the action plan, which includes, no foreign currency transactions without a national tax number, and ban on currency change of up to $500 in the open currency market without submission of a national identity card copy.

In addition to that, Islamabad has also proscribed several militant groups and seized their assets, including Jamat-ud-Dawa’h, and Jaish-e-Mohammad (JeM) — the groups blamed for several terrorist attacks such as the 2009 deadly Mumbai attacks killing over 150 people.

Pakistan had faced a similar situation in 2011 when it was included in the grey list and was taken out only in 2015 after it successfully implemented an action plan.

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

A new operation
Updated 25 Jun, 2024

A new operation

Clear deterrent action is needed against terrorist groups, but without upending the lives of people in the affected areas.
Power theft
25 Jun, 2024

Power theft

FEDERAL Energy Minister Awais Leghari’s statement during a TV interview that electricity theft amounts to Rs600bn ...
Fatal air
25 Jun, 2024

Fatal air

TOXIC air can cost us our children. It causes life-threatening illnesses, inflicts lifelong damage and leads to ...
Time for dialogue
Updated 24 Jun, 2024

Time for dialogue

If the PML-N and PTI remain mired in mutual acrimony, an ever-widening gap will continue to allow non-political forces to assert themselves.
Property taxes
24 Jun, 2024

Property taxes

ACCORDING to reports in the local media, along with the higher taxes imposed on real estate in the recent budget, ...
Fierce heat
24 Jun, 2024

Fierce heat

CLIMATE change is unfolding as predicted by experts: savage heat, melting glaciers, extreme rainfall, drought, ...