September 26, 2020

FIA Establishes A Special Unit To Ensure Compliance With FATF Conditions

A separate unit has been set up under the FIA to ensure compliance with the FATF regulations. The special unit will work under the anti-terrorism wing of FIA and will ensure that the demands put forward by the FATF are being met.

Twelve officers have been moved to the new unit, with immediate effect and will carry out their operations to ensure the compliance of FATF conditions.

FATF has put Pakistan on the grey list, because of Pakistan’s terror financing activities and the country faces a loss of $10 billion annually because of being on the grey list.

Pakistan had recently thwarted India’s move to be put in the backlist. Talks with the FATF in China a few months ago, were disturbing for Pakistan, as the FATF wanted Pakistan to ‘do more’ in countering the terror financing activities.

IMF’s country head to Pakistan Teresa Daban Sanchez had recently said that Pakistan must comply with the FATF conditions, as it was greatly disrupting the flow of foreign direct investments in the country.

Pakistan has taken some key steps to counter terror financing. For instance, no foreign currency transaction can take place without a national tax number and no amount greater than $500 can be cashed through currency exchange, without providing a copy of the national identity card.

Moreover, Pakistan has arrested the Leader of Jamat-ud-Dawa, Hafiz Saeed and has banned several hardline organizations, such as Jaesh-e-Muhammad (JeM) and Jamat-ud-Dawa and have seized the organization’s assets.

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