India welcomes FATF's move to place Pakistan in 'grey list'
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Pakistan is the ninth country to be placed on the Paris-based Financial Action Task Force's (FATF's) 'grey list'
India has welcomed the decision of the Financial Action Task Force (FATF) to place Pakistan in its Compliance Document (Grey list) for ICRG monitoring, ANI reported.
The MEA stated that Pakistan has always shown commitment towards addressing global concerns on the implementation of FATF standards for countering terror financing and anti-money laundering, especially with respect to UN designated and internationally proscribed terror entities and individuals. However, "the freedom and impunity with which the designated terrorists like Hafiz Saeed and entities like Jamaat-Ud-Dawaa, Lashkar-e-Tayabba, Jaish-e-Mohammed continue to operate in Pakistan is not in keeping with such commitments," the MEA statement noted.
India hoped that Pakistan complies with the FATF Action plan and takes "credible measures to address global concerns related to terrorism emanating from any territory under its control".
Pakistan is the ninth country to be placed on the Paris-based Financial Action Task Force's (FATF's) "grey list", the other eight being Ethiopia, Serbia, Sri Lanka, Syria, Trinidad and Tobago, Tunisia and Yemen.
These nine countries have been labelled by the FATF as "jurisdictions (states) with strategic deficiencies" that can harm the international financial system if they do not take immediate steps to stop the financing of terrorists and money laundering activities.
The decision was taken by the FATF Plenary that met in Paris from June 24 to 29 after reviewing the monitoring report of the International Cooperation Review Group (ICRG).
The ICRG report reveals that Islamabad has shown progress in three out of the four major areas of concerns:.Improved supervision of the financial sector. Asking banks to drop the 'good guy' list. Commitment to work with the FATF and APG to strengthen its AML/CFT regime and address strategic counter-terrorist financing-related deficiencies.
The only major area where Pakistan has admitted to being deficient is in preventing cross-border smuggling of cash.
Pakistan has told the FATF that it will implement its action plan to accomplish these objectives of properly identifying, assessing and supervising the removal of terrorism financing risks on a risk-sensitive basis.
(With inputs from agencies)