ISLAMABAD: Pakistan is prepared to argue a persuasive case in its defense at the Financial Action Task Force (FATF) joint plenary in Paris this week to avoid inclusion on the international financial watchdog’s grey list of “jurisdictions with strategic anti-money laundering and combating the financing of terrorism (AML/CFT) deficiencies.”
The six-day plenary week began on June 24 with “delegates from the 203 jurisdictions of the FATF Global Network, as well as the UN, IMF, World Bank and other partners” and concludes on June 29.
Officials at the Ministry of Finance declined to comment to Arab News. The plenary rules prohibit participants from publicly divulging otherwise confidential information during sessions.
FATF, incepted in 1989, is a global anti-money laundering and terror finance prevention intergovernmental organization that holds sessions three times a year. It has 37 members and two observer countries.
Experts warn that Pakistan being placed on the grey list would carry a lot of repercussions.
“This will definitely be a serious matter. Already the stock exchange is being affected and declining. Our future borrowing will be suffering and interest rates will rise, making it more expensive,” Humayun Iqbal Shami, president of Pakistan Economic Forum, told Arab News. He doubts Pakistan will be able to satisfy the Western-influenced financial watchdog.
Pakistan has made efforts not be placed on FATF’s grey list, on which it previously remained for four years and was removed after compliance in 2015, said Dr. Vaqar Ahmed, joint executive director at Sustainable Development Policy Institute, to Arab News.
“We have implemented the most stringent regulations on the financial sector to meet or exceed FATF standards which have adversely affected banking customers, discouraged domestic and international investors, and inflow and outflow of funds,” he said.
Pakistan was previously able to withstand the impact of financial restrictions of FATF but the country’s debt rating fell from stable to “unsecure” last week on Moody’s Investors Service index, an international credit rating organization.
“Low reserves adequacy threatens continued access to external financing at moderate costs, in turn potentially raising government liquidity risks,” the agency wrote in a statement.
Under current circumstances, “the pressure becomes particularly acute if the country is facing pressures on the current account of the balance of payments as well as the local currency,” explained Ahmed.
Islamabad has made strides to comply with FATF statutes following the US co-sponsored motion in February this year, backed by Britain, France and Germany, which emphasized concerns about the depth of Pakistan’s commitment to tackle money laundering and terror financing.
Pakistan was unable to satisfy FATF then and subsequently the watchdog decided to place the country on its terror financing list from June if Pakistan could not counter illegal financial activities and seize assets of proscribed groups, entities, and individuals on a banned list from the UN Security Council (UNSC).
“We had to impose three restrictions as per the UNSC resolution” on proscribed entities and organizations, NACTA CFT Director Qaisar Ashfaq told Arab News. “Our compliance on arms embargo and travel restrictions were found to be satisfactory. However, freezing of assets, on which there were (serious) reservations, (is where) we had not done enough.”
Before FATF’s meeting in February, Pakistan initiated a seize, freeze and control operation against Jamaat-ud-Dawa and its charity wing Falah-e-Insaniat Foundation two days after President Mamnoon Hussain promulgated an amended Anti-terrorism Ordinance, 2018 to meet FATF requirements.
The previous government’s term ended and no legislation was passed in support of the ordinance, which later expired, that was to recognize the UNSC declarations.
The Securities and Exchange Commission of Pakistan in June compiled and passed new regulations on financial institutions in line with AML/CFT standards of FATF.
Pakistan prepared an action plan for review by FATF. The interim government, headed by caretaker Prime Minister Nasirul Mulk, held its first National Security Committee meeting in June to discuss FATF plenary and in a statement announced satisfaction over measures taken by Pakistan to meet the standards.
“In two months the country has taken concrete steps to meet FATF regulations. Pakistan has regulated the financial sector. But if this is politically motivated, Pakistan needs diplomatic backing from China, Saudi Arabia, and Turkey,” said Ahmed.
Pakistan optimistic about avoiding grey list as FATF meetings start
Pakistan optimistic about avoiding grey list as FATF meetings start
- Pakistan has made efforts not be placed on FATF’s gray list, on which it previously remained for four years
- The Securities and Exchange Commission of Pakistan in June compiled and passed new regulations on financial institutions in line with AML/CFT standards of FATF
Pakistan locks down capital ahead of a planned rally by Imran Khan supporters
- Interior Ministry is considering a suspension of mobile phone services in parts of Pakistan in the coming days
- Pakistan has banned gatherings of five or more people in Islamabad for two months to deter Khan’s supporters
ISLAMABAD: Pakistan is sealing off its capital, Islamabad, ahead of a planned rally by supporters of imprisoned former premier Imran Khan.
It’s the second time in as many months that authorities have imposed such measures to thwart tens of thousands of people from gathering in the city to demand Khan’s release.
The latest lockdown coincides with the visit of Belarusian President Alexander Lukashenko, who arrives in Islamabad on Monday.
Local media reported that the Interior Ministry is considering a suspension of mobile phone services in parts of Pakistan in the coming days. On Friday, the National Highways and Motorway Police announced that key routes would close for maintenance.
It advised people to avoid unnecessary travel and said the decision was taken following intelligence reports that “angry protesters” are planning to create a law and order situation and damage public and private property on Sunday, the day of the planned rally.
“There are reports that protesters are coming with sticks and slingshots,” the statement added.
Multicolored shipping containers, a familiar sight to people living and working in Islamabad, reappeared on key roads Saturday to throttle traffic.
Pakistan has already banned gatherings of five or more people in Islamabad for two months to deter Khan’s supporters and activists from his Pakistan Tehreek-e-Insaf party, or PTI.
Khan has been in prison for more than a year in connection and has over 150 criminal cases against him. But he remains popular and the PTI says the cases are politically motivated.
A three-day shutdown was imposed in Islamabad for a security summit last month.
Indian man awakes on funeral pyre
- Doctors sent Rohitash Kumar, 25, to mortuary instead of conducting postmortem after he fell ill
- Kumar was rushed to hospital on Friday for treatment but was confirmed dead later
JAIPUR: An Indian man awoke on a funeral pyre moments before it was to be set on fire after a doctor skipped a postmortem, medical officials said Saturday.
Rohitash Kumar, 25, who had speaking and hearing difficulties, had fallen sick and was taken to a hospital in Jhunjhunu in the western state of Rajasthan on Thursday.
Indian media reported he had had an epileptic seizure, and a doctor declared him dead on arrival at the hospital.
But instead of the required postmortem to ascertain the cause of death, doctors sent him to the mortuary, and then to be burned according to Hindu rites.
D. Singh, chief medical officer of the hospital, told AFP that a doctor had “prepared the postmortem report without actually doing the postmortem, and the body was then sent for cremation.”
Singh said that “shortly before the pyre was to be lit, Rohitash’s body started movements,” adding that “he was alive and was breathing.”
Kumar was rushed to hospital for a second time, but was confirmed dead on Friday during treatment.
Authorities have suspended the services of three doctors and the police have launched an investigation.
NATO chief discusses ‘global security’ with Trump
- NATO allies say keeping Kyiv in the fight against Moscow is key to both European and American security
Brussels: NATO chief Mark Rutte held talks with US President-elect Donald Trump in Florida on the “global security issues facing the alliance,” a spokeswoman said Saturday.
The meeting took place on Friday in Palm Beach, NATO’s Farah Dakhlallah said in a statement.
In his first term Trump aggressively pushed Europe to step up defense spending and questioned the fairness of the NATO transatlantic alliance.
The former Dutch prime minister had said he wanted to meet Trump two days after Trump was elected on November 5, and discuss the threat of increasingly warming ties between North Korea and Russia.
Trump’s thumping victory to return to the US presidency has set nerves jangling in Europe that he could pull the plug on vital Washington military aid for Ukraine.
NATO allies say keeping Kyiv in the fight against Moscow is key to both European and American security.
“What we see more and more is that North Korea, Iran, China and of course Russia are working together, working together against Ukraine,” Rutte said recently at a European leaders’ meeting in Budapest.
“At the same time, Russia has to pay for this, and one of the things they are doing is delivering technology to North Korea,” which he warned was threatening to the “mainland of the US (and) continental Europe.”
“I look forward to sitting down with Donald Trump to discuss how we can face these threats collectively,” Rutte said.
Indian man awakes on funeral pyre
JAIPUR, India: An Indian man awoke on a funeral pyre moments before it was to be set on fire after a doctor skipped a postmortem, medical officials said Saturday.
Rohitash Kumar, 25, who had speaking and hearing difficulties, had fallen sick and was taken to a hospital in Jhunjhunu in the western state of Rajasthan on Thursday.
Indian media reported he had had an epileptic seizure, and a doctor declared him dead on arrival at the hospital.
But instead of the required postmortem to ascertain the cause of death, doctors sent him to the mortuary, and then to be burned according to Hindu rites.
D. Singh, chief medical officer of the hospital, told AFP that a doctor had “prepared the postmortem report without actually doing the postmortem, and the body was then sent for cremation.”
Singh said that “shortly before the pyre was to be lit, Rohitash’s body started movements,” adding that “he was alive and was breathing.”
Kumar was rushed to hospital for a second time, but was confirmed dead on Friday during treatment.
Authorities have suspended the services of three doctors and the police have launched an investigation.
Fighting between armed sectarian groups in restive northwestern Pakistan kills at least 33 people
- Senior police officer said Saturday armed men torched shops, houses and government property overnight
- Although the two groups generally live together peacefully, tensions remain, especially in Kurram
PESHAWAR: Fighting between armed Sunni and Shiite groups in northwestern Pakistan killed at least 33 people and injured 25 others, a senior police officer from the region said Saturday.
The overnight violence was the latest to rock Kurram, a district in Khyber Pakhtunkhwa province, and comes days after a deadly gun ambush killed 42 people.
Shiite Muslims make up about 15 percent of the 240 million people in Sunni-majority Pakistan, which has a history of sectarian animosity between the communities.
Although the two groups generally live together peacefully, tensions remain, especially in Kurram.
The senior police officer said armed men in Bagan and Bacha Kot torched shops, houses and government property.
Intense gunfire was ongoing between the Alizai and Bagan tribes in the Lower Kurram area.
“Educational institutions in Kurram are closed due to the severe tension. Both sides are targeting each other with heavy and automatic weapons,” said the officer, who spoke anonymously because he was not authorized to speak to the media.
Videos shared with The Associated Press showed a market engulfed by fire and orange flames piercing the night sky. Gunfire can also be heard.
The location of Thursday’s attack was also targeted by armed men, who marched on the area.
Survivors of the gun ambush said assailants emerged from a vehicle and sprayed buses and cars with bullets. Nobody has claimed responsibility for the attack and police have not identified a motive.
Dozens of people from the district’s Sunni and Shiite communities have been killed since July, when a land dispute erupted in Kurram that later turned into general sectarian violence.
