–Global body expresses satisfaction over Pakistan’s efforts to curb money laundering, calls for tightening laws to net suspects
Expressing satisfaction over the steps taken by Pakistan to curb terror financing, the Financial Action Task Force (FATF) has reiterated its demand to further tighten the laws to bring individuals involved in money laundering and terror financing to task, according to reports.
The five-day plenary session of the FATF is being held in Paris to review the progress made by Pakistan towards implementation of its 27-point action plan. The meeting will continue until February 21.
The FATF required that Pakistan improve its prosecution system by handing down stricter punishments and penalties to the facilitators of terror financing.
Citing the conviction of Hafiz Saeed, the Pakistani officials said that the judicial system in the country was fully independent and the courts were taking decisions on merit, which were being implemented.
Last week, an anti-terrorism court in Lahore convicted Jamatud Dawa leader Hafiz Saeed in two terror-financing cases. He was handed a prison sentence of five-and-a-half years and a fine of Rs15,000 in each case.
One of his close aides also received the same sentence on the same charges.
According to reports, Pakistani officials informed the meeting that money laundering and terror financing had been controlled to a greater extent by implementing the FATF action plan. The meeting was informed that 14 points out of 27 had been fully complied with, 11 were partially implemented, while implementation on two points was not possible.
The Pakistani officials said that amendments were being introduced in laws to improve the prosecution system for which the standing committee concerned had also given the approval.
The FATF is an intergovernmental organisation founded in 1989 on the initiative of the G7 to develop policies for combating money laundering.
In 2001, its mandate was expanded to include terrorism financing. It monitors progress in implementing the FATF recommendations through mutual evaluations of member countries.