PAKISTAN IN THE FATF GREY-LIST: CHALLENGES, REMEDIES AND INTERNATIONAL RESPONSE

Authors

  • Musarat Amin
  • Muhammad Khan
  • Rizwan Naseer

DOI:

https://doi.org/10.54690/margallapapers.24.1.35

Keywords:

FATF, Grey-list, Money Laundering, NACTA, Pakistan

Abstract

The Financial Action Task Force (FATF) grey-listed Pakistan due to the latter’s non-compliance to the United Nations Security Council Resolution (UNSCR)-1267. The FATF also demands Pakistan to put strict controls on money laundering and financial lifelines of terrorist organizations in Pakistan. The plan of action was reached between Pakistan and FATF to ensure sufficient action to enforce anti-money laundering policies and freeze assets of designated terrorist groups in Pakistan under UNSCR-1267 and UNSCR-1373. The NACTA in collaboration with FBR, State Bank of Pakistan, FIA, and the Securities and Exchange Commission of Pakistan has mounted operations against illegal movement of money within Pakistan. It also has choked financial lifelines of terrorist organizations and curbed Hawala/Hundi methods of laundering money. Pakistan is struggling to stick to the 26-point action plan to address the necessary concerns of FATF. This paper put forth the ramifications for being blacklisted by FATF and also highlights the Trump administration’s tough stance towards Pakistan. This paper also offers concrete recommendations to exclude Pakistan’s name from the FATF grey-list.

 

Bibliography Entry

Amin, Musarat, Muhammad Khan , and Rizwan Naseer. 2020. "Pakistan in the FATF Grey-List: Challenges, Remedies and International Response." Margalla Papers 24 (1): 31-43.

Downloads

Published

30-06-2020

Issue

Section

Manuscript Requirements