FATF: Discussion on ways to contribute to financial safety | AML

For one week, from the 13th to the 18th of October, representatives of 205 countries and jurisdictions, the IMF, UN, World Bank and other organizations (OECD, OSCE, Europol, Egmont Group of Financial Intelligence Units, ...) are in Paris for the Financial Action Task Force (FATF) week.

The Financial Action Task Force (FATF) is an inter-governmental organization created by the G7 at the Arch summit in Paris in 1989, fighting money laundering and terrorist financing.

FATF Week, Black list, crypto, aml terrorism

Several important issues regarding Anti-Money Laundering (AML) Regulation will be discussed during these 6 days:

- Assessing whether countries are regulating the virtual asset sector to prevent its misuse for crime and terror
- Discussing the potential impact of "stablecoins" on the supervision of virtual assets, how to mitigate the risks, and FATF’s briefing to G20 on this issue
- Assessments of Russia and Turkey’s measures to combat money laundering and terrorist financing
- Actions taken by Denmark, Ireland, Norway, Saudi Arabia, Singapore and Spain since their assessments
- Progress by Iran, Pakistan and other countries that present a risk to the financial system
- Discussing FATF initiative to combat financial flows from the illegal wildlife trade
- Adopting best practises on the beneficial ownership of legal persons, and a consultation on guidance on digital identity.
- Developments in the financing of ISIL, Al-Qaeda and Affiliates

The Pakistani delegation, headed by Economic Affairs Minister Hammad Azhar, will defend the corrective measures taken this year for an upgrade of Pakistan’s level of compliance with the FATF recommendations.

After being placed on the grey list in June 2018, the situation in Pakistan is under scrutiny to analyze its level of compliance with the FATF 40 recommendations and the level of effectiveness with the AML/CTF system.
In fact, recommendations were made and an action plan was elaborated to strengthen the Pakistani system and address the problems by October 2019.
The FATF institution will communicate its decision the last day of the October Week. If the action plan was correctly addressed, Pakistan should disappear from the grey list, differently the country could either remain on the grey list until February 2020 or join the 2 other black listed countries : Iran and North Korea.
According to the above-mentioned APG (Asian Pacific Group) report, there is a lot of chances that Pakistan remains in the grey list.

Outcomes FATF plenary week october 2019
Outcomes FATF Plenary week AML Discussion 2019

Don't miss the analysis of the outcomes of the Plenary week ! Follow the article for more insights.

Moreover the FATF has announced the release of a consolidated table of assessment ratings which provides an up-to-date overview of the ratings that each evaluated country (205 countries in total) has had for its effectiveness and technical compliance. This table should be read in conjunction with the detailed Mutual Evaluation Reports.
Michel Cliquet - Pideeco Network Partner
Michel Cliquet Senior Consultant
  • Pideeco country: PK
    Monday 26th of October 2020, 09:49

    This is very improval FATF in pakistan to improve points 27 out of 21 that the good sign for Pakistan hopefully Aml solution to also provide for this improve.

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