ECONOMY

Global watchdog to monitor Pakistan’s progress in tackling militant funding

Pakistan’s Foreign Affairs Minister Shah Mehmood Qureshi (left) along with European Commission’s Federica Mogherini sign the EU-Pakistan Strategic Engagement Plan in Brussels, on June 25, 2019. (AFP)

The Financial Action Task Force (FATF) will monitor Pakistan’s progress in implementing a proposed plan against financing for militant organizations ahead of a meeting in October, the international watchdog body said on Friday.

Its Asia Pacific Group on Money Laundering (APG) met in Canberra this week to discuss reports on countries including Pakistan, which was last year placed on a “grey list” of countries with inadequate controls over money laundering and terrorism financing.

The reports “will now be subject to post-plenary quality and consistency review prior to publication,” it said in a statement on its website after the meeting ended.

Final publication on the APG website is expected in early October 2019, it added.

In June, the watchdog gave Pakistan until October to improve its counter-terror finance operations or face further action.

Separately, Pakistan’s finance ministry rejected as baseless Indian media reports that Islamabad was put on FATF’s black list. India, engaged in a standoff with Pakistan over the disputed region of Kashmir, has pressed for further sanctions against its neighbor.

Pakistan has been placed on so-called “enhanced follow-up” in line with FATF’s evaluation procedures, the ministry said in a statement.

“...Pakistan would be required to submit follow-up progress reports to APG on quarterly basis,” it added.

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Last Update: Saturday, 24 August 2019 KSA 23:42 - GMT 20:42
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