Pakistan launches guidelines for countering money laundering | Pakistan Today

Pakistan launches guidelines for countering money laundering

ISLAMABAD: Pakistan on Friday issued comprehensive guidelines detailing steps to implement the UN Security Council (UNSC) Resolution 1267 to counter terror financing.

In February, FATF—an inter-governmental body whose purpose is development and promotion of policies, at national and international levels, to combat money laundering and terror financing—expressed dissatisfaction with Islamabad’s efforts to implement its plan of action to get its name removed from the grey list. Pakistan has been on the ‘grey list’ since June last year for failing to curb terror financing.

The major concern of the FATF includes Pakistan’s lack of action or absence of comprehensive plan to freeze assets and impose other restrictions on individuals and entities listed by the UNSC Sanctions Committee under Resolution 1267.

The FATF’s next meeting is scheduled for May in the US during which the member states would review Pakistan’s plan of action and decide whether to keep Pakistan in the grey list or go a step further and put it on the blacklist. But before that Pakistan will submit on April 15 a compliance report to the Asia Pacific Group (APG) – and FATF-style regional body.

In an effort to address the FATF’s concerns and strengthen Pakistan’s case, the government on Friday issued guidelines detailing steps to implement the UNSC 1267 Sanctions. These guidelines were launched at the Ministry of Foreign Affairs.

“The guidelines have been prepared by the National Committee for overseeing implementation of sanctions against individuals and entities designated by the UNSC 1267 Al Qaida /Da’esh Sanctions regime and Security Council 1988 (Taliban Sanctions regime),” said an official handout.

A large number of representatives of the federal and provincial governments including those of financial institutions, law enforcement, and other implementing agencies attended the event.

Launching the guidelines, Foreign Secretary Tehmina Janjua underscored that Pakistan has managed to turn the tide in the fight against terrorism for which there are no parallels. It is important to further consolidate these gains through full implementation of the National Action Plan (NAP).

Pakistan also has to be mindful of fulfilling its international legal obligations, including the implementation of the UNSC sanctions which have been adopted under Chapter VII of the UN Charter.

She expressed hope that the guidelines would assist all stakeholders in better discharging their responsibilities for the effective implementation of the UN Sanctions.

The launch was followed by an interactive session in which the Ministry of Foreign Affairs’ director general (CT) of gave a detailed briefing to the participants on the guidelines.

The guidelines have been formulated, in consultation with stakeholders and comply with international standards especially the requirements of the UNSC 1267 Sanctions Committee and the FATF.

Earlier on March 4, the government issued the UNSC (Freezing and Seizure) order, 2019. The guidelines would supplement the order. Under the new guidelines, the Ministry of Foreign Affairs maintains consolidated list of individuals and entities designated as terrorist by the UNSC Sanctions Committee.

Whenever any individual or entity is listed by the UNSC Sanctions Committee, the Ministry of Foreign Affairs updates its list, following which all the relevant departments at the federal and provincial levels act swiftly to move against such individuals and entities without any delay.

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