Pak needs to enact laws to fulfil FATF targets

The FATF said Pakistan had “largely addressed” 24 of the 27 items in the action plan.

Pakistan will have to enact additional laws to facilitate action that needs to be taken by authorities to apprehend and prosecute people involved in terror financing in order to fully implement the Financial Action Task Force’s (FATF) action plan, it was decided at a key meeting held this week.

The meeting of senior officials was chaired by Pakistan’s finance minister Abdul Hafeez Shaikh to review efforts in the aftermath of the FATF’s plenary meeting last month.(Via social media/ twitter)

At a meeting of Pakistan’s National Executive Committee (NEC) on anti money-laundering on Monday, it was decided that additional legislation will have to be enacted on at least two counts to implement the FATF’s action plan by June, the Dawn newspaper reported.

The meeting of senior officials was chaired by Pakistan’s finance minister Abdul Hafeez Shaikh to review efforts in the aftermath of the FATF’s plenary meeting last month.

At the conclusion of the plenary meeting on February 25, the FATF retained Pakistan on its “grey list” and asked the country to complete the action plan to counter terror financing before June, including steps to investigate and prosecute individuals and entities involved in such activities.

The FATF said Pakistan had “largely addressed” 24 of the 27 items in the action plan. However, the FATF president Marcus Pleyer pointed out the deficiencies yet to be addressed are all “serious” as they related to terror financing.

At the NEC meeting, it was decided that the additional legislation has to “cover some weaknesses in the existing framework that limited the authorities from taking action, including imposing sanction or apprehending those acting for or on behalf of designated terrorist entities or individuals and prosecuting targeted persons and entities or those working for them”, the report said.

The Pakistan government will have to submit an updated report within 30 days to the FATF on progress in legislation and other steps to be taken to address outstanding concerns. The meeting concluded there shouldn’t be any hurdle in making two more legal amendments, the report said.