Outgoing Financial Action Task Force (FATF) president, Marshall Billingslea, has hinted about the possibility to blacklisting Pakistan after the international financial watchdog's meeting in Paris.

"Pakistan had 'significant' work to do. With regard to an action plan agreed in June 2018, they are 'lacking in almost every respect'," Billingslea said at a press briefing.

He added, "Pakistan was cautioned in February at the plenary that they had missed almost all of their January milestones. They were urged to not fail to meet the milestones in May. Unfortunately, Pakistan has yet again missed its May milestones."

FATF has come down heavily on Pakistan for its "lack" of compliance with the 26-point action plan prepared for Islamabad to demonstrate its sincerity in fighting terrorism.

Billingslea said that if Pakistan fails to implement the action plan, FATF will consider the next course of action. The FATF president said that Pakistan is far behind and there is much that the country must do by September this year.

"Now the action plan itself is set to complete in September. So this (the June 16-21 Orlando plenary) was not the plenary where we would discuss a blacklisting issue. This was the plenary where we examine how far behind Pakistan is on its action plan... I must say they are far behind," he said.

On June 23, Pakistan's Army Chief General Qamar Javed Bajwa claimed that the country is doing its best and utilising all available sources to eliminate terrorism from its soil, adding that Islamabad has been moving towards attaining sustainable peace and stability.

"We are doing our best, utilising all available sources to wipe out the enemies of peace and prosperity but it is fact that peace and stability in South Asia was dependent on the resolution of conflicts and disputes in the region", the Nation quoted Bajwa as he was speaking at the International Institute for Strategic Studies in London.

Pakistan is currently on the "grey list" of countries that have been inadequate in curbing money laundering and terror financing. The country has already missed two prior deadlines — in January and May 2019 — to complete their action plan.

Outgoing Financial Action Task Force (FATF) president, Marshall Billingslea, has hinted about the possibility to blacklisting Pakistan after the international financial watchdog's meeting in Paris.

Outgoing Financial Action Task Force (FATF) president, Marshall Billingslea, has hinted about the possibility to blacklisting Pakistan after the international financial watchdog's meeting in Paris. "Pakistan had 'significant' work to do. With regard to an action plan agreed in June 2018, they are 'lacking in almost every respect'," Billingslea said at a press briefing. He added, "Pakistan was cautioned in February at the plenary that they had missed almost all of their January milestones. They were urged to not fail to meet the milestones in May. Unfortunately, Pakistan has yet again missed its May milestones." FATF has come down heavily on Pakistan for its "lack" of compliance with the 26-point action plan prepared for Islamabad to demonstrate its sincerity in fighting terrorism. Billingslea said that if Pakistan fails to implement the action plan, FATF will consider the next course of action. The FATF president said that Pakistan is far behind and there is much that the country must do by September this year. "Now the action plan itself is set to complete in September. So this (the June 16-21 Orlando plenary) was not the plenary where we would discuss a blacklisting issue. This was the plenary where we examine how far behind Pakistan is on its action plan... I must say they are far behind," he said. On June 23, Pakistan's Army Chief General Qamar Javed Bajwa claimed that the country is doing its best and utilising all available sources to eliminate terrorism from its soil, adding that Islamabad has been moving towards attaining sustainable peace and stability. "We are doing our best, utilising all available sources to wipe out the enemies of peace and prosperity but it is fact that peace and stability in South Asia was dependent on the resolution of conflicts and disputes in the region", the Nation quoted Bajwa as he was speaking at the International Institute for Strategic Studies in London. Pakistan is currently on the "grey list" of countries that have been inadequate in curbing money laundering and terror financing. The country has already missed two prior deadlines — in January and May 2019 — to complete their action plan.

FATF chief hints at blacklisting of Pak for terror financing

Saudi Arabia said it regrets the European Commission's decision to include the country in a<a href="http://www.wionews.com/south-asia/to-avoid-being-blacklisted-by-fatf-pakistan-agrees-to-take-fresh-steps-185391"> blacklist of nations </a>seen as posing a threat to the bloc because of lax controls against terrorism financing and money laundering, a statement published by Saudi Press Agency said early on Thursday.

"Saudi Arabia's commitment to combating money laundering and the financing of terrorism is a strategic priority and we will continue to develop and improve our regulatory and legislative frameworks to achieve this goal", the statement quoted Saudi finance minister Mohammed al-Jadaan as saying.

The European Commission had added Saudi Arabia, Panama, Nigeria and other jurisdictions to a blacklist of nations seen as posing a threat because of lax controls on terrorism financing and money laundering, the EU executive said on Wednesday.

The move is part of a crackdown on money laundering after several scandals at EU banks but has been criticised by several EU countries including Britain worried about their economic relations with the listed states, notably Saudi Arabia.

Panama said it should be removed from the list because it recently adopted stronger rules against money laundering.

Despite pressure to exclude Riyadh from the list, the commission decided to list the kingdom.

Apart from reputational damage, inclusion on the list complicates financial relations with the EU. The bloc's banks will have to carry out additional checks on payments involving entities from listed jurisdictions.

The list now includes 23 jurisdictions, up from 16. The commission said it added jurisdictions with "strategic deficiencies in their anti-money laundering and countering terrorist financing regimes".

Other newcomers to the list are Libya, Botswana, Ghana, Samoa, the Bahamas and the four United States territories of American Samoa, US Virgin Islands, Puerto Rico and Guam.

The other listed states are Afghanistan, North Korea, Ethiopia, Iran, Iraq, Pakistan, Sri Lanka, Syria, Trinidad and Tobago, Tunisia and Yemen.

The 28 EU member states now have one month, which can be extended to two, to endorse the list. They could reject it by qualified majority. EU justice commissioner Vera Jourova, who proposed the list, told a news conference that she was confident states would not block it.

She said it was urgent to act because "risks spread like wildfire in the banking sector".

But concerns remain. Britain, which plans to leave the EU on March 29, said on Wednesday the list could "confuse businesses" because it diverges from a smaller listing compiled by its Financial Action Task Force (FATF), which is the global standard-setter for anti-money laundering.

The FATF list includes 12 jurisdictions - all on the EU blacklist - but excludes Saudi Arabia, Panama and U.S. territories. The FATF will update its list next week.

London has led a pushback against the EU list in past days, and at closed-door meetings urged the exclusion of Saudi Arabia, EU sources told Reuters.

The oil-rich kingdom is a major importer of goods and weapons from the EU and several top British banks have operations in the country. Royal Bank of Scotland is the European bank with the largest turnover in Saudi Arabia, with around 150 million euros ($169 million) in 2015, according to public data.

HSBC is Europe's most successful bank in Riyadh. It booked profits of 450 million euros in 2015 in the kingdom but disclosed no turnover and has no employees there, according to public data released under EU rules.

"The UK will continue to work with the Commission to ensure that the list that comes into force provides certainty to businesses and is as effective as possible at tackling illicit finance," a British Treasury spokesman said.

MISSING "WASHING MACHINES"

Criteria used to blacklist countries include weak sanctions against money laundering and terrorism financing, insufficient cooperation with the EU on the matter and lack of transparency about the beneficial owners of companies and trusts.

Five of the listed countries are already included on a separate EU blacklist of tax havens. They are Samoa, Trinidad and Tobago and the three U.S. territories of American Samoa, Guam and U.S. Virgin Islands.

Critics said the list fell short of including several countries involved in money-laundering scandals in Europe.

"Some of the biggest dirty-money washing machines are still missing. These include Russia, the City of London and its offshore territories, as well as Azerbaijan," said Greens lawmaker Sven Giegold, who sits in the European Parliament special committee on financial crimes.

Jourova said the commission will continue monitoring other jurisdictions not yet listed. Among the states that will be closely monitored are the United States and Russia. 
&nbsp;

Saudi Arabia said it regrets the European Commission's decision to include the country in a blacklist of nations seen as posing a threat to the bloc because of lax controls against terrorism financing and money laundering, a statement published by Saudi Press Agency said early on Thursday.

Saudi Arabia said it regrets the European Commission's decision to include the country in a blacklist of nations seen as posing a threat to the bloc because of lax controls against terrorism financing and money laundering, a statement published by Saudi Press Agency said early on Thursday. "Saudi Arabia's commitment to combating money laundering and the financing of terrorism is a strategic priority and we will continue to develop and improve our regulatory and legislative frameworks to achieve this goal", the statement quoted Saudi finance minister Mohammed al-Jadaan as saying. The European Commission had added Saudi Arabia, Panama, Nigeria and other jurisdictions to a blacklist of nations seen as posing a threat because of lax controls on terrorism financing and money laundering, the EU executive said on Wednesday. The move is part of a crackdown on money laundering after several scandals at EU banks but has been criticised by several EU countries including Britain worried about their economic relations with the listed states, notably Saudi Arabia. Panama said it should be removed from the list because it recently adopted stronger rules against money laundering. Despite pressure to exclude Riyadh from the list, the commission decided to list the kingdom. Apart from reputational damage, inclusion on the list complicates financial relations with the EU. The bloc's banks will have to carry out additional checks on payments involving entities from listed jurisdictions. The list now includes 23 jurisdictions, up from 16. The commission said it added jurisdictions with "strategic deficiencies in their anti-money laundering and countering terrorist financing regimes". Other newcomers to the list are Libya, Botswana, Ghana, Samoa, the Bahamas and the four United States territories of American Samoa, US Virgin Islands, Puerto Rico and Guam. The other listed states are Afghanistan, North Korea, Ethiopia, Iran, Iraq, Pakistan, Sri Lanka, Syria, Trinidad and Tobago, Tunisia and Yemen. The 28 EU member states now have one month, which can be extended to two, to endorse the list. They could reject it by qualified majority. EU justice commissioner Vera Jourova, who proposed the list, told a news conference that she was confident states would not block it. She said it was urgent to act because "risks spread like wildfire in the banking sector". But concerns remain. Britain, which plans to leave the EU on March 29, said on Wednesday the list could "confuse businesses" because it diverges from a smaller listing compiled by its Financial Action Task Force (FATF), which is the global standard-setter for anti-money laundering. The FATF list includes 12 jurisdictions - all on the EU blacklist - but excludes Saudi Arabia, Panama and U.S. territories. The FATF will update its list next week. London has led a pushback against the EU list in past days, and at closed-door meetings urged the exclusion of Saudi Arabia, EU sources told Reuters. The oil-rich kingdom is a major importer of goods and weapons from the EU and several top British banks have operations in the country. Royal Bank of Scotland is the European bank with the largest turnover in Saudi Arabia, with around 150 million euros ($169 million) in 2015, according to public data. HSBC is Europe's most successful bank in Riyadh. It booked profits of 450 million euros in 2015 in the kingdom but disclosed no turnover and has no employees there, according to public data released under EU rules. "The UK will continue to work with the Commission to ensure that the list that comes into force provides certainty to businesses and is as effective as possible at tackling illicit finance," a British Treasury spokesman said. MISSING "WASHING MACHINES" Criteria used to blacklist countries include weak sanctions against money laundering and terrorism financing, insufficient cooperation with the EU on the matter and lack of transparency about the beneficial owners of companies and trusts. Five of the listed countries are already included on a separate EU blacklist of tax havens. They are Samoa, Trinidad and Tobago and the three U.S. territories of American Samoa, Guam and U.S. Virgin Islands. Critics said the list fell short of including several countries involved in money-laundering scandals in Europe. "Some of the biggest dirty-money washing machines are still missing. These include Russia, the City of London and its offshore territories, as well as Azerbaijan," said Greens lawmaker Sven Giegold, who sits in the European Parliament special committee on financial crimes. Jourova said the commission will continue monitoring other jurisdictions not yet listed. Among the states that will be closely monitored are the United States and Russia.

Pak, Saudi Arabia, Sri Lanka in European Commission blacklist for terror financing, money laundering

After weeks of speculation, <a href="http://www.wionews.com/south-asia/us-move-to-embarrass-us-on-fatf-says-paks-paris-negotiator-34120">the Pakistan foreign office spokesman </a>said today the country will be placed in Financial Action Task Force (FATF) in June.

The Dawn newspaper quoted <a href="http://www.wionews.com/india-news/some-countries-proposed-to-put-pakistan-in-fatf-grey-list-india-33126">foreign ministry official </a><a href="http://www.wionews.com/india-news/some-countries-proposed-to-put-pakistan-in-fatf-grey-list-india-33126">Dr</a><a href="http://www.wionews.com/india-news/some-countries-proposed-to-put-pakistan-in-fatf-grey-list-india-33126"> Muhammad</a> Faisal saying: &quot;Pakistan will be assigned to the &quot;grey list&quot; in June, once an action plan has been mutually negotiated.&quot;

The spokesman added that Pakistan will cooperate with the international body in every way.

The spokesman denied that Pakistan will be transferred from the &quot;grey list&quot; to the &quot;blacklist&quot; in June. The FATF guidelines state those countries who do not cooperate to be put on the blacklist.

The Pakistan daily said that foreign ministry highlighted &quot;certain&quot; deficiencies in Pakistan&#39;s anti-money laundering and anti-terror financing effort.

&quot;We will take further actions for addressing any remaining deficiencies,&quot; Faisal said.

There was largescale speculation over Pakistan&#39;s inclusion in the terror financing watchlist after Pak officials had earlier said FATF had given the country a reprieve and reports said China, Turkey and Saudi Arabia had helped thwart pressure by the US to put Pak on the list.

In the end, however, China which is an all-weather ally of Pakistan decided to remain neutral after it was made the vice chair of the global body.

The spokesman added that Pakistan will cooperate with the international body in every way.

After weeks of speculation, the Pakistan foreign office spokesman said today the country will be placed in Financial Action Task Force (FATF) in June. The Dawn newspaper quoted foreign ministry official Dr Muhammad Faisal saying: "Pakistan will be assigned to the "grey list" in June, once an action plan has been mutually negotiated." The spokesman added that Pakistan will cooperate with the international body in every way. The spokesman denied that Pakistan will be transferred from the "grey list" to the "blacklist" in June. The FATF guidelines state those countries who do not cooperate to be put on the blacklist. The Pakistan daily said that foreign ministry highlighted "certain" deficiencies in Pakistan's anti-money laundering and anti-terror financing effort. "We will take further actions for addressing any remaining deficiencies," Faisal said. There was largescale speculation over Pakistan's inclusion in the terror financing watchlist after Pak officials had earlier said FATF had given the country a reprieve and reports said China, Turkey and Saudi Arabia had helped thwart pressure by the US to put Pak on the list. In the end, however, China which is an all-weather ally of Pakistan decided to remain neutral after it was made the vice chair of the global body.

Pakistan to be placed on FATF terror financing watchlist, confirms foreign ministry