ISLAMABAD: An international monitoring agency will assess Pakistan’s efforts to tackle terror financing, among other “key issues,” during a five-day virtual meeting that began in Paris, France, on Monday.
The Financial Action Task Force (FATF), a global money-laundering and terror financing watchdog, will also discuss measures to strengthen international action against the “financial flows that fuel crime and terrorism.”
“The FATF will finalize key reports on money laundering and environmental crime, ethnically and racially motivated terrorist financing...,” it said in a statement on Monday.
“It will finalize its second 12-month review of the implementation of revised FATF standards for virtual assets and virtual asset service providers, and guidance on proliferation financing risk assessment and mitigation,” it added.
The results of the FATF plenary will be published on Friday.
Pakistan was placed on FATF’s gray list of countries with inadequate control over curbing money laundering and terrorism financing in 2018.
In February last year, the FATF said Pakistan had until June 2020 to improve its anti-terrorism financing measures – the second four-month extension given to Pakistan to implement the agreed action plan.
Earlier this month, on June 4, Pakistan’s Finance Ministry quoted the Asia Pacific Group’s (APG) results on money laundering, which said that: “Pakistan has achieved compliant/largely compliant rating in 31 out of 40 FATF Recommendations in Technical Compliance.”
“These results prove the sincerity, along with the resolve of the government in complying with FATF requirements...and are a manifestation of a whole of government approach adopted to achieve the same,” the foreign ministry statement said.
It added that an “upgrade of 21 recommendations within this short time remains unprecedented in FATF history.”
Pakistan has also submitted re-rating requests to the APG on four more recommendations for its next follow-up report, which is under review.
“As a result of this substantial progress, the APG has decided to move Pakistan from enhanced (expedited) to enhanced follow-up; and Pakistan will continue to report back to the APG on progress to strengthen its implementation...of measures,” the statement said.
Pakistani efforts against terror funding on agenda as FATF begins virtual meet
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Pakistani efforts against terror funding on agenda as FATF begins virtual meet
- Global watchdog will also discuss key issues to strengthen action against financial flows that “fuel crime and terrorism”
- Pakistan was placed on FATF’s gray list of countries with inadequate control over curbing money laundering and terrorism financing in 2018
Pakistan defense minister discusses regional, global developments with counterparts in Munich
- The high-powered meeting of government leaders, diplomats comes shortly before Russia’s war on Ukraine enters its fifth gruelling year
- Bruised by President Donald Trump’s comments, European leaders at summit have pledged to shoulder more of the burden of shared defenses
ISLAMABAD: Pakistan’s Defense Minister Khawaja Asif on Friday met his Italian and Albanian counterparts to discuss bilateral cooperation and regional and global developments on the sidelines of the Munich Security Conference, the Pakistani embassy in Germany said.
The high-powered Munich meeting of government leaders, diplomats, defense and intelligence chiefs comes shortly before Russia’s full-scale war on Ukraine is set to enter its fifth gruelling year.
Bruised by President Donald Trump’s designs on Greenland and his often hostile comments about America’s traditional bedrock allies, European leaders at the conference have pledged to shoulder more of the burden of shared defenses.
Asif met his Italian counterpart Guido Crosetto during the conference, running from Feb. 13 till Feb. 15, with both sides agreeing to enhance bilateral ties, according to the Pakistani embassy.
“Asif met the Defense Minister of Republic of Albania, Mr. Pirro Vengu, on the sidelines of the 62nd Munich Security Conference,” the Pakistani embassy said on X.
“Discussed matters related to enhancing bilateral cooperation in the wake of recent regional and international developments.”
The development came as US Secretary of State Marco Rubio was set to address European leaders on Saturday as they try to step up their autonomy in defense while salvaging transatlantic ties badly strained under President Trump.
German Chancellor Friedrich Merz acknowledged a “rift” had opened up between Europe and the United States, fueled by culture wars, but issued an appeal to Washington: “Let’s repair and revive transatlantic trust together.”
“In the era of great power rivalry, even the United States will not be powerful enough to go it alone,” said the conservative leader, who has ramped up defense spending in the top EU economy.
Macron said a new framework was needed to deal with “an aggressive Russia” once the fighting in Ukraine ends.
Ukrainian President Volodymyr Zelensky, who has been in Munich since Friday and meeting multiple allies, was expected to address the meeting on Saturday. No Russian officials have been invited.
Kremlin critic Mikhail Khodorkovsky said he feared “a new cold war” between Europe and Russia in the coming decade, making reopening dialogue with Moscow essential.
“If it makes sense to talk, we are willing to talk,” said Merz, but he also charged that “Russia is not yet willing to talk seriously.”
