Opposition demands delay in FATF draft 

By: News Desk      Published: 10:33 PM, 17 Aug, 2020
Opposition demands delay in FATF draft 

The opposition in the upper house of the parliament has demanded a delay in a FATF-related draft, stressing the need for bringing in more amendments.

The opposition leaders expressed satisfaction at the recommendations of a standing committee. All the members except Farooq H Naik seconded the bill related to FATF (Financial Action Task Force).

A Farooq-led body objected to the draft law to arrest money-laundering suspects without arrest warrant a few months ago when the finance ministry made a review request for meeting the world forum’s conditions.

The committee objected to the impression from the government that these amendments would strengthen its position before the FATF.

Since the FATF debate made it to the parliament, the government has been in action with the hope that Pakistan will be in position to get its passion cleared in the forum’s next meeting.

In 2015, Pakistan came out of the grey list after amending its anti-money laundering law.

In 2018, Pakistan agreed to monitor 27 indicators under a 10-point action plan with specific deadlines. The understanding was that the successful implementation of the action plan.

After an extension of the deadline for compliance, on December 6, 2019 Pakistan submitted a report to the FATF answers to the 22 questions but the FATF's Joint Group has now sent 150 items to Pakistan, asking for clarifications, updates, and actions taken against the madrassas.

At present, Pakistan is faced with many fiscal and monetary challenges as for the first time ever since its existence it has experienced a negative GDP. To overcome, it needs the massive support of international lending agencies, foreign trading, and investment. This can only be achieved by remaining part of the global financial system.