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FATF compliance unit established in 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.
Comments (17) Closed
Global community is making sure that we work properly!
@Aslam,
Why? Does India have this problem?
Good steps.. Welcome neighbors
@Dev,
Thank you dear.
More bureaucracy... More cost... More chasing its tail...
Gordon D. Walker
Canada
The unit is not powerful enough. "The unit was empowered to seek information, officers and record of meetings from different zones". Meaning that the unit does not have power to prosecute, file charges and arrest.
Better late than never. It should have been done a year ago immediately after the grey listing.
More rearranging of the Deck Chairs!
Too little, too late.
Stop money laundering. Good for Pakistan Make strict laws. Corrupt Sharifs and Zardari have laundered money for 40 years.
Too late.......October is very much near. Cosmetic steps will not work.
The previous government had successfully implemented the plan in 2011 and Pakistan was removed from grey zone of FTFA.So why do we have this issue again if everything was done correctly and accepted in 2011?
Feel sorry for PM IK.The bureaucrats are not with him at all. All of them are corrupt to the core. We need Honest people to run the affairs ether government and I feel there is a dearth of it.
They will start from zero again
Actions only after pressure.
It takes 4 years for Pakistan to get out of the grey list. That way it will take up to the year 2022 to get out of the grey list this time.
When push came to shove only then Pakistan is taking steps which should have been taken years ago. Better late than never.