The decision enhances the country’s global reputation, strengthens confidence in its financial system and national framework for combating money laundering…reports Asian Lite News
UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan awarded UAE Foreign Minister His Highness Sheikh Abdullah bin Zayed Al Nahyan, the Order of the Union, and awarded committee members, other Ministers, and senior officials the Order of Zayed II First Class, in recognition of the committee’s pivotal achievement in the UAE’s removal from FATF’s list of “Jurisdictions under Increased Monitoring”. FATF is an international organisation dedicated to combating money laundering and terrorist financing.
During the meeting at Qasr Al Bahr in Abu Dhabi in the presence of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, His Highness the President congratulated committee members on this success and expressed his appreciation for the significant efforts that contributed to achieving this milestone.
This decision enhances the country’s global reputation, strengthens confidence in its financial system and national framework for combating money laundering and terrorism financing, and serves its strategic plans to establish commercial and economic partnerships with other countries across the world.
His Highness affirmed that this success is the culmination of the efforts of many entities to develop the nation’s plans to combat money laundering and terrorism financing, commending the roles and cooperation of teams from Ministries, federal and local government agencies, and the private sector, all of which contributed to achieving national objectives in this area.
His Highness underlined that the UAE is committed to enhancing its competitiveness and establishing itself as a premier financial centre and preferred destination for business and investment. As a responsible member of the international community, His Highness stated, the UAE steadfastly combats money laundering and actively works to eliminate funding channels for terrorism.
His Highness added that the UAE will continue to work in cooperation with its partners and concerned entities worldwide to combat financial crime and support best practices in this regard, to enhance the global financial and trade system and serve shared interests.
For their part, the officials expressed their pride for this recognition by His Highness the President, expressing their appreciation and affirming their continued commitment to serving the nation and enhancing its position on the international stage.
This collaboration aims to safeguard the integrity of the UAE’s financial ecosystem through enhanced policies, procedures, and controls to effectively manage the risks of money laundering and terrorist financing, the ADGM added…reports Asian Lite News
Ahmed Jasim Al Zaabi, Chairman, Abu Dhabi Department of Economic Development (ADDED), said that the announcement of the Financial Action Task Force (FATF) on the UAE’s completion of all 15 recommendations of its action plan reaffirms the effectiveness of the UAE’s Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) framework.
He stressed that the FATF announcement acknowledges the efforts exerted by various UAE authorities, led by the Executive Office of Anti-Money Laundering and Counter Terrorism Financing, to meet the Action Plan requirements. “We remain committed to collaborating with our partners and stakeholders to fulfil our long-term sustainable AML/CFT strategy.”
As a leading International Financial Centre, Abu Dhabi recognises the importance of cooperating with strategic partners to contribute effectively to the global initiative in combatting all forms of financial crimes to pave the way to a thriving and sustainable socio-economic development, Al Zaabi explained.
“Our conducive environment, abundant investment prospects, and robust policies are attracting Foreign Direct Investments (FDIs) and significant players in various sectors to establish businesses and expand out of Abu Dhabi. Driven by key national financial and investment policies, we are ensuring fiscal sustainability and consolidation to achieve sustainable economic development and enhance global competitiveness,” the Chairman of ADDED concluded.
Meanwhile, Abu Dhabi Global Market (ADGM) affirmed that FATF’s decision to remove the UAE from the list of countries under enhanced due diligence due to concerns regarding anti-money laundering/countering the financing of terrorism, stands as a testament to the remarkable progress the country has made over the past two years in addressing its anti-money laundering (AML) and counter-terrorist financing (CTF) measures.
In its statement, ADGM stressed its committment to continuing its collaboration with the Executive Office of Anti-Money Laundering and Counter-Terrorism Financing, the CBUAE and other key stakeholders of the UAE in fortifying its AML/CTF framework and aligning with the UAE’s national risk assessment initiatives.
This collaboration aims to safeguard the integrity of the UAE’s financial ecosystem through enhanced policies, procedures, and controls to effectively manage the risks of money laundering and terrorist financing, the ADGM added.
‘Key role in combating financial crimes’
Hamid Al Zaabi, Director-General of the Executive Office for Anti-Money Laundering and Counter Terrorism Financing (AML/CFT), said that the UAE plays a leading global role in combating financial crimes, noting that the UAE will begin the next Mutual Evaluation Report (MER) of the Financial Action Task Force (FATF) in 2026.
In statements to the Emirates News Agency (WAM), Al Zaabi said that the FATF’s announcement today on the UAE’s completion of all 15 recommendations of its Action Plan is a culmination of the tireless efforts of various federal, local, and private sector entities in the country in accordance with the national strategy and action plan.
He said that the UAE has established a sophisticated monitoring and reporting system using digital tools and involving more than 90 national entities. “The Federal Competitiveness and Statistics Centre, which is part of the Executive Office, retains this data, which is used to ensure that entities continue to comply with national objectives and international standards.”
Sheikh Abdullah added, “The UAE’s economy is one of the fastest growing economies across the world…reports Asian Lite News
The Financial Action Task Force (FATF), the international organisation in charge of combatting money laundering and terrorism financing has announced the UAE’s completion of all 15 recommendations of its action plan, and has congratulated the UAE on this achievement.
The announcement was made following FATF’s plenary meetings, held between 19th to 23rd February, in the capital of France, Paris.
On this occasion, Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs, and Chairman of the Higher Committee Overseeing the National Strategy on Anti-Money Laundering and Countering the Financing of Terrorism, stated, “This success is the outcome of significant and distinguished efforts by relevant ministries, the federal government and local entities. These collective endeavours serve to expedite the national strategy and action plan, achieve the directives and aspirations of the UAE’s leadership, aiming to further strengthen the country’s leading status and competitiveness, and advance its position globally as an economic, trading and investment hub.”
Sheikh Abdullah added, “The UAE’s economy is one of the fastest growing economies across the world. The country is committed to consolidate its unwavering approach and position within the world’s financial system, by fully enforcing and adhering to, all relevant international laws and conventions that serve to safeguard the integrity of the global financial system.”
He underlined, “The UAE will continue to build on its immense success through comprehensive and integrated collaborations with international partners, as well as the relevant organisations and entities to enhance the its position within the global financial system. This will include continuing to reinforce a legal and regulatory framework, and activating collective efforts on a global scale to combat financial crimes. In this regard, the country’s endeavours demonstrate a constant approach to address global money laundering and terrorism financing, as well as illegitimate organisations, and to amplify the UAE’s crucial and effective role in defending the safety and stability of the world’s financial system.”
Sheikh Abdullah bin Zayed expressed his sincere gratitude and appreciation to the teams working within the ministries, federal government and local entities, the private sector, and all the relevant bodies, along with all those who contributed to the national strategy and action plan. He underscored that this file is a strategic priority for the UAE, and commended national entities that collaborated to accomplish this milestone, which reflects the nation’s distinct standing on both regional and international fronts.
For his part, Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, underlined, “The UAE is resolute to intensify its participation and contributions within multilateral organisations, as well as strengthen bilateral relations, in order to enhance national and international cooperation at the policy and executive levels.”
Abdullah bin Touq Al Marri, Minister of Economy, highlighted, “Preventing illegitimate financial flows, and supporting the efficiency of our national plan for combating money laundering and terrorism financing, are the foundations for strengthening the UAE’s position as a global hub for trade and investment.”
He added, “Under the wise leadership’s directives, the UAE has made considerable progress during the past few years, in combating global money laundering and terrorism financing through outlining robust and flexible frameworks. The UAE is committed to taking further significant advances in our future endeavours.
For his part, Abdullah bin Sultan bin Awad Al Nuaimi, Minister of Justice, affirmed, “The progress achieved by the UAE in the file of combating money laundering is due to the guidance and support of the wise leadership and the continuous efforts undertaken by all national teams from the relevant and judicial authorities including the federal and local courts and prosecution offices.”
He also stressed, “The legislative reforms contributed significantly to empowering the national system to confront global money laundering, reduce illicit financing, and foster an inclusive economic environment for companies to grow and prosper.”
Furthermore, Al Nuaimi emphasised, “The Ministry believes in the importance of consistent endeavors to extend international cooperation, which it considers as a cornerstone of maintaining a strong and integrated national system to confront global crimes in an effective and comprehensive manner.”
He added, “In coordination with national authorities, the Ministry signed numerous cooperation agreements with international partners, which resulted in signing more than 45 agreements related to extradition and mutual legal assistance in criminal matters.”
Ahmed Ali Al Sayegh, Minister of State, expressed, “This announcement reflects the efficient and sustainable measures adopted by the UAE in combating money laundering and terrorism financing.”
He affirmed, “The UAE is committed to implementing effective policies to combat financial crimes, by strengthening its approach in line with best international practices that aim to consolidate the country’s position as a global financial and economic hub. As part of its strategy, the UAE is fulfilling the highest levels of integrity and transparency with respect to the regulation of finance and trade, in accordance with an integrated vision that supports the country’s leading position, and ensures the stability and sustainability of the financial system.” (ANI/WAM)
The announcement was made following FATF’s plenary meetings, held between 19th to 23rd February, in the capital of France, Paris.
Financial Action Task Force (FATF), the international body that oversees the fight against money laundering, has removed the United Arab Emirates from its “grey list”, two years after including it in the financial crime watch list.
“The FATF welcomes the UAE’s significant progress in improving its AML/CFT regime. The UAE strengthened the effectiveness of its AML/CFT regime to meet the commitments in its action plan regarding the strategic deficiencies that the FATF identified in February 2022,” the FATF said in a statement.
The FATF has announced the UAE’s completion of all 15 recommendations of its action plan, and has congratulated the UAE on this achievement.
The announcement was made following FATF’s plenary meetings, held between 19th to 23rd February, in the capital of France, Paris.
On this occasion, H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs, and Chairman of the Higher Committee Overseeing the National Strategy on Anti-Money Laundering and Countering the Financing of Terrorism, stated, “This success is the outcome of significant and distinguished efforts by relevant ministries, the federal government and local entities. These collective endeavours serve to expedite the national strategy and action plan, achieve the directives and aspirations of the UAE’s leadership, aiming to further strengthen the country’s leading status and competitiveness, and advance its position globally as an economic, trading and investment hub.”
H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs, and Chairman of the Higher Committee Overseeing the National Strategy on Anti-Money Laundering and Countering the Financing of Terrorism.
Sheikh Abdullah added, “The UAE’s economy is one of the fastest growing economies across the world. The country is committed to consolidate its unwavering approach and position within the world’s financial system, by fully enforcing and adhering to, all relevant international laws and conventions that serve to safeguard the integrity of the global financial system.”
He underlined, “The UAE will continue to build on its immense success through comprehensive and integrated collaborations with international partners, as well as the relevant organisations and entities to enhance the its position within the global financial system. This will include continuing to reinforce a legal and regulatory framework, and activating collective efforts on a global scale to combat financial crimes. In this regard, the country’s endeavours demonstrate a constant approach to address global money laundering and terrorism financing, as well as illegitimate organisations, and to amplify the UAE’s crucial and effective role in defending the safety and stability of the world’s financial system.”
Sheikh Abdullah bin Zayed expressed his sincere gratitude and appreciation to the teams working within the ministries, federal government and local entities, the private sector, and all the relevant bodies, along with all those who contributed to the national strategy and action plan. He underscored that this file is a strategic priority for the UAE, and commended national entities that collaborated to accomplish this milestone, which reflects the nation’s distinct standing on both regional and international fronts.
For his part, Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, underlined, “The UAE is resolute to intensify its participation and contributions within multilateral organisations, as well as strengthen bilateral relations, in order to enhance national and international cooperation at the policy and executive levels.”
Abdullah bin Touq Al Marri, Minister of Economy, highlighted, “Preventing illegitimate financial flows, and supporting the efficiency of our national plan for combating money laundering and terrorism financing, are the foundations for strengthening the UAE’s position as a global hub for trade and investment.”
Abdulla bin Touq Al Marri, Minister of Economy
He added, “Under the wise leadership’s directives, the UAE has made considerable progress during the past few years, in combating global money laundering and terrorism financing through outlining robust and flexible frameworks. The UAE is committed to taking further significant advances in our future endeavours.
For his part, Abdullah bin Sultan bin Awad Al Nuaimi, Minister of Justice, affirmed, “The progress achieved by the UAE in the file of combating money laundering is due to the guidance and support of the wise leadership and the continuous efforts undertaken by all national teams from the relevant and judicial authorities including the federal and local courts and prosecution offices.”
He also stressed, “The legislative reforms contributed significantly to empowering the national system to confront global money laundering, reduce illicit financing, and foster an inclusive economic environment for companies to grow and prosper.”
Furthermore, Al Nuaimi emphasised, “The Ministry believes in the importance of consistent endeavors to extend international cooperation, which it considers as a cornerstone of maintaining a strong and integrated national system to confront global crimes in an effective and comprehensive manner.”
He added, “In coordination with national authorities, the Ministry signed numerous cooperation agreements with international partners, which resulted in signing more than 45 agreements related to extradition and mutual legal assistance in criminal matters.”
Ahmed Ali Al Sayegh, Minister of State, expressed, “This announcement reflects the efficient and sustainable measures adopted by the UAE in combating money laundering and terrorism financing.”
He affirmed, “The UAE is committed to implementing effective policies to combat financial crimes, by strengthening its approach in line with best international practices that aim to consolidate the country’s position as a global financial and economic hub. As part of its strategy, the UAE is fulfilling the highest levels of integrity and transparency with respect to the regulation of finance and trade, in accordance with an integrated vision that supports the country’s leading position, and ensures the stability and sustainability of the financial system.”
Khalid Mohammed Salem Balama Al Tamimi, Governor of the Central Bank of the UAE, and Chairman of the National Committee for Combatting Money-Laundering and Financing of Terrorism and Illegal Organisations, stated, “The UAE’s constant commitment to tackle the challenges and risks in the global financial system is a fundamental factor in achieving its vast progress in strengthening its approach and commitment to encounter money laundering and the financing of terrorism, as a national and strategic priority, in line with global standards and international laws. Our efforts in the National Committee and the Central Bank have contributed to the enhancement of UAE’s proactive role in fighting financial crimes at the international level through the adoption of a risk-based regulatory approach, issuance of laws, regulations, and guidance, as well as enhancement of the licensed financial institutions’ understanding of the risks and effective implementation of their legal obligations related to risks mitigation of illicit activities in the financial system.”
He further confirmed that the UAE is committed to continuing the establishment of effective controls to combat money laundering and the financing of terrorism to safeguard our financial system and further cooperating with international institutions to ensure the safety and integrity of the global financial system.
He added, “We appreciate the efforts of all entities, regulatory bodies and licensed financial institutions in achieving this significant progress.”
Hamed Al Zaabi, Director-General of the Executive Office of Anti-Money Laundering and Counter Terrorism Financing, said, “Today’s announcement marks the unwavering dedication from both federal and local authorities alongside the private sector in the UAE, in aligning with our national strategy and action plan. Combatting financial crimes stands as a paramount national priority, and we remain steadfast in our commitment to sustain these efforts into the future. This includes the completion of the national risk assessment, formulation of national strategy for the upcoming years, and enhancement of our national capabilities across public and private sectors. Furthermore, we will persist in fostering regional and global partnerships to fortify the nation’s economic and financial security, regulatory framework, and international presence as an active participant in combating financial crimes.”
He commended the collective efforts of the national team, comprising all stakeholders, for their diligent work in meeting the requirements set forth by the Financial Action Task Force.
The UAE said it looks forward to welcoming the FATF assessment team to the UAE, and further demonstrating the enhanced and sustained effectiveness of our AML/ CFT framework.
The fourth Plenary of the Financial Action Task Force (FATF) under the Presidency of T. Raja Kumar of Singapore concluded in Paris, France. During the Plenary, FATF confirmed an on-site visit to the UAE will take place before February 2024.
Commenting on the FATF announcement, Ahmed Ali Al Sayegh, UAE Minister of State, said: “We welcome the FATF announcement that the UAE has officially been granted an on-site visit to verify the completion of its ICRG Action Plan. The UAE looks forward to welcoming the FATF assessment team to the UAE, and further demonstrating the enhanced and sustained effectiveness of our AML/ CFT framework. Cooperation with strategic international partners is critical to contributing to the global effort to detect and disrupt all forms of financial crime.”
Khaled Mohammed Balama, Governor of the Central Bank of the UAE (CBUAE) and Chairman of the UAE National Anti Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organisations Committee, stated:
“The UAE takes its role in protecting the integrity of the global financial system extremely seriously. The increased resources and expertise we have put in place underpin the UAE’s continued commitment to combatting economic crime and disrupting illicit networks, both at home and abroad.”
Hamid AlZaabi, Director General of Executive Office of Anti-Money Laundering and Counter Terrorism Financing, added: “The FATF announcement today recognizes the efforts made by various UAE authorities to satisfy the Action Plan. We will continue to work with our partners and stakeholders to fulfil our long-term sustainable AML/CFT plan.”
Terror financing is now making use of not only the Hawala system of laundering money but also using darknet and cryptocurrencies to mobilise funds for terror activities. The No Money for Terror conference in New Delhi provides an opportunity to deliberate the ways and means to counter these traditional and emerging mechanisms of terror financing. Delegations from 72 countries in 15 international organisations attended the conference
A two-day Ministerial Conference – No Money for Terror (NMFT) on Counter-Terrorism Financing was organised in New Delhi last week. This was the third edition of this conference after the first one in France in 2018 and the second conference in Australia in 2019.
The conference, involving delegations from 72 countries in 15 international organisations, offers a platform for participants to deliberate on the effectiveness of the present global regime on counter-terrorism financing and the necessary measures required to address pressing challenges.
Delhi Meet on Terror Financing @Asian Lite
The conference holds salience against the backdrop of rising terrorist attacks and the funding and transfer of terror funds at much greater speed and scale than hitherto witnessed. As per the Global Terrorism Index 2022, the number of terror attacks has increased by 17% to 5,226 over the previous year. South Asia alone registered over 1,829 casualties in terror attacks. Peter Neumann, an expert on terror studies, posits that since 2001 the fight against terror financing has been largely ineffective. In his report “Don’t follow the money”, Neumann argues that low-cost terror attacks are easy to carry out and noted that jihadist groups are easily transferring money without using the international financial and banking system.
Terror financing is now making use of not only the Hawala system of laundering money but also using darknet and cryptocurrencies to mobilise funds for terror activities.
The No Money for Terror conference provides an opportunity to deliberate the ways and means to counter these traditional and emerging mechanisms of terror financing. Security and law enforcement agencies need to improve the regional and global understanding of the risks posed by such informal financial mechanisms as hawala and their role in supporting terror groups. To counter cryptocurrency usage for terror finance, law enforcement and intelligence agencies need to rigorously track and monitor blockchain transactions of suspect groups. This requires better forensics, improved surveillance mechanisms and capacity building and training to check nefarious designs of terrorists in mobilising funds using advanced technologies.
Delhi Meet on Terror Financing @Asian Lite
Itself being plagued by frequent terror attacks, India is perhaps amongst the worst sufferers of state-sponsored terrorism by its neighbour. Terrorist groups emanating from Pakistan such as Lashkar-e-Taiba and Jaish-e-Mohammad have been carrying out regular attacks on Indian soil and Indian citizens. These terrorist groups are receiving support from the Pakistani state by way of funds, weapons and other logistical supports. Numerous attempts made by India to enlist such groups in the UN’s List of Designated Terrorist Groups have been in vain because of barriers created by China which keeps on blocking any such attempt to blacklist global terrorists. Several Pakistani-based terrorists such as Masood Azhar of Jaish-e-Mohammad (JeM), Sajid Mir of Lashkar-e-Taiba (LeT), Abdul Rauf Azhar of JeM, Abdul Rehman Makki of LeT, Shahid Mahmood of LeT, and recently Hafiz Talah Saeed – son of 26/11 Mumbai terror attack Hafiz Saeed, have been protected by China on frivolous excuses such as technical hold.
In drawing attention towards countering terror financing, India is playing a pivotal role. While addressing the conference, Indian Prime Minister Narendra Modi strongly advocated for eliminating any ambiguity with respect to curbing the menace of terrorism as well as keeping away from using terrorism as a foreign policy tool. The conference emphasized that there shall be no distinction between good terrorism and bad terrorism. Any act of terrorism is an attack on humanity, freedom and civilisation. Indian Prime Minister, Modi highlighted the evil of state-sponsored terrorism which acts as a major source of political, ideological and financial support to terrorism. The linkages between terror funding and organised crimes was also underscored. For instance, money made in gun-running, drugs, arms dealing and smuggling is pumped into terrorism. Terror groups are also facilitated by organised crime groups via logistics and communication.
This conference was a continuation of India’s robust effort to sensitise countries regarding the issue of terrorism. The United Nations (UN) Security Council’s special meeting of the Counter-Terrorism Committee (CTC) on 28-29 October and the 90th INTERPOL General Assembly on 18-21 October in India also brought forth the gravity of the issue to be dealt with urgency. The Delhi Declaration passed at the CTC conference also emphasized the need to choke terrorist financing as it remains a persistent challenge to national security.
Such global meetings provide India with the opportunity to not only highlight its concern in battling cross-border terrorism but also strengthen counterterrorism cooperation with other security and intelligence agencies. It also strengthens support for Indian initiatives such as the Comprehensive Convention on International terrorism, a Resolution that has been languishing in the UN for decades now.
Joint effort and cooperation is the need of the hour. Highlighting the complex environment, the conference stressed the UN Security Council, Financial Action Task Force (FATF), Financial Intelligence Units, and the Egmont Group areenhancing cooperation in the prevention, detection and prosecution of illicit funds that are being used for terror financing.
In recent times, efforts by FATF and other bodies have yielded positive results. For example, the pressure of blacklisting by FATF forced Pakistan to roll back its support to anti-India terrorist groups. The UN Resolutions 1267 and 1373 enforced by governments also played a critical role in checking criminal networks involved in terror financing.
The world needs to unite against all forms of terrorism, extremism or radicalisation be it overt or covert. Moreover, costs must be imposed upon states that support terrorism and help in its perpetuation and widespread across the world.It is high time that the clarion call made by India for a uniform, unified and zero-tolerance approach towards terrorism must be heeded by all countries for the safety and security of the entire global population and humanity.
SPECIAL: Delhi Meet on Terror Financing @Asian Lite SPECIAL: Delhi Meet on Terror Financing @Asian LitePrime Minister Narendra Modi and Union Home Minister Amit Shah at the third ‘No Money for Terror’ (NMFT) Ministerial Conference on Counter-Terrorism Financing in New Delhi on Friday, November 18, 2022. (Photo:IANS/PIB)Prime Minister Narendra Modi and Union Home Minister Amit Shah at the third ‘No Money for Terror’ (NMFT) Ministerial Conference on Counter-Terrorism Financing in New Delhi on Friday, November 18, 2022. (Photo:IANS/PIB) SPECIAL: Delhi Meet on Terror Financing @Asian Lite SPECIAL: Delhi Meet on Terror Financing @Asian Lite
Raja Kumar, President of the Financial Action Task Force (FATF) started his work as the chief of the world’s anti-money laundering and anti-terrorism financing agency on Friday.
Indian origin Raja Kumar will focus on enhancing the effectiveness of global anti-money laundering & counter-terrorist financing measures, improving asset recovery and other initiatives, as per the agency.
“Raja Kumar starts as FATF President today. He will focus on enhancing the effectiveness of global anti-money laundering & counter-terrorist financing measures, improving asset recovery and other initiatives,” FATF tweeted on Friday.
FATF is a global watchdog tasked with combatting money laundering and terrorist financing.
Raja Kumar has rich leadership and operational experience, having held a wide range of senior leadership roles in the Ministry of Home Affairs in Singapore and the Singapore Police Force for over 35 years.
He currently serves as the Senior Advisor (International) in the Ministry of Home Affairs, advising on international policy development, partnerships and engagement.
Marcus Pleyer during the last day of the German Presidency of the FATF.
Prior to this, he was Deputy Secretary (International) at the Ministry from January 2015 to July 2021 and was concurrently the Chief Executive of the Home Team Academy between 2014 to 2018.
As Deputy Secretary (International), Raja Kumar forged stronger collaborative relationships with key counterparts in the safety and security arena, including with strategic partners such as INTERPOL and the UN. (ANI)
Pakistani authorities, had in the past claimed Sajid Majeed Mir had died, but Western countries remained unconvinced and demanded proofs of his death, reports Asian Lite News
As Pakistani officials ticked items off their to-do list for submission of report to the Financial Action Task Force (FATF) on the implementation of the action plan for getting out of its ‘grey list’, something that strengthened their case was the conviction and sentencing of top Lashkar-e-Taiba (LeT) terrorist and 26/11 Mumbai attacks’ handler Sajid Majeed Mir.
Mir, 44, was sentenced by an anti-terrorism court in Lahore, in the first week of this month, to 15 and a half years in jail after convicting him in a terror financing case, Dawn reported.
He was also fined 420,000 PKR and is currently serving sentence in Lahore’s Kot Lakhpat Jail.
It all happened so quietly that no one came to know about such an important court verdict in such a high-profile case, except for a very brief report in one of the newspapers, which too could not attract attention, according to a source.
His detention, which apparently took place in later part of April, was also kept away from media’s prying eyes, reports Dawn news.
Pakistani authorities, had in the past claimed he had died, but Western countries remained unconvinced and demanded proofs of his death.
This issue rather became a major sticking point in FATF’s assessment of Pakistan’s progress on the action plan late last year.
This was where things finally started moving in Mir’s case leading to his “arrest”.
FATF plenary in Berlin
His conviction and sentencing were, therefore, major achievements that Pakistani officials showcased in their progress report given to FATF on its action plan during the latest plenary, Dawn reported.
It indeed helped in convincing FATF members that Pakistan had finished all the required tasks.
Weak prosecution and poor conviction rate of terrorists were major shortcomings that had all along hampered Pakistan’s exit from the grey list.
The ministers pledged to promptly implement the FATF’s global beneficial ownership rules to stop criminals from hiding their illicit activities and dirty money behind anonymous shell companies and other corporate structures, reports Asian Lite News
The Ministers of the Financial Action Task Force (FATF) members committed to take swift and decisive action to improve the effectiveness of measures to fight money laundering, terrorist and proliferation financing at their meeting in Washington D.C. on April 21.
This includes promptly implementing the FATF’s global beneficial ownership rules, which were strengthened earlier this year, to stop criminals from hiding their illicit activities and dirty money behind anonymous shell companies and other corporate structures.
During this biennial Ministerial meeting, members pledged to remedy remaining significant technical compliance deficiencies and agreed on strategic priorities for the two years ahead (2022-2024) to enhance the effective implementation of the FATF Standards worldwide.
In addition to enhancing beneficial ownership transparency, these include increasing capabilities to more effectively recover criminal assets, which will help remove incentives for crimes, such as corruption and tax crimes, and return assets to victims.
Ministers and other top officials from 37 FATF member countries and two regional organisations also agreed to strengthen the FATF Global Network, support the FATF system of mutual evaluations, ensure sustainable funding for the FATF to implement its strategic priorities, and leverage digital transformation to better tackle money laundering and terrorist financing.
FATF President Dr. Marcus Pleyer reported on the successful completion of the FATF’s Strategic Review, which ministers welcomed and expect to achieve more timely assessments with a stronger focus on risk in the next round of mutual evaluations.
FATF Ministers expressed their sympathies with the people of Ukraine in light of the ongoing Russian invasion of Ukraine, and called on jurisdictions to remain vigilant of the threats to the integrity, safety and security of the international financial system that result from Russia’s actions.
Pakistan has been on the FATF’s grey list for deficiencies in its counter-terror financing and anti-money laundering regimes since June 2018, reports Asian Lite News
The Paris-based Financial Action Task Force (FATF) has once again retained Pakistan on the increased monitoring list, also known as the “grey list” and called the country to work on “complex money laundering investigations and prosecutions.”
This decision was made after the conclusion of the four-day FATF Plenary from March 1-4.
Pakistan has been on the FATF’s grey list for deficiencies in its counter-terror financing and anti-money laundering regimes since June 2018. This greylisting has adversely impacted its imports, exports, remittances, and limited access to international lending.
“Since June 2021, Pakistan has taken swift steps towards improving its AML/CFT regime and completed 6 of the 7 action items ahead of any relevant deadlines expiring, including by demonstrating that it is enhancing the impact of sanctions by nominating individuals and entities for UN designation and restraining and confiscating proceeds of crime in line with Pakistan’s risk profile,” the FATF said in a statement.
“Pakistan should continue to work to address the one remaining item in its 2021 action plan by demonstrating a positive and sustained trend of pursuing complex ML investigations and prosecutions,” it added.
Meanwhile, the global financial watchdog also added the United Arab Emirates (UAE) to its “grey” watchlist.
“In February 2022, the UAE made a high-level political commitment to work with the FATF and MENAFATF to strengthen the effectiveness of its AML/CFT regime,” the FATF statement read.
FATF Plenary (File photo: FATF Twitter)
The FATF Plenary took place under the German Presidency of Dr Marcus Pleyer which saw the participation of over 200 members from the Global Network and observer organisations, including the International Monetary Fund, the United Nations and the Egmont Group of Financial Intelligence Units.
The event took place in a hybrid format with a significant number of participants attending in person due to the gradual easing of COVID-19 restrictions in several countries. (ANI)
