Open AccessFATF’s Concerns and Pakistan's Measures for Compliance
Author(s) -
Tehmina Aslam,
Muhammad Asad Aslam
Publication year - 2020
Publication title -
liberal arts and social sciences international journal
Language(s) - English
Resource type - Journals
ISSN - 2664-8148
DOI - 10.47264/idea.lassij/3.2.20
Subject(s) - money laundering , christian ministry , terrorism , ninth , position (finance) , political science , task force , asset (computer security) , welfare , business , accounting , public administration , finance , law , physics , computer security , acoustics , computer science
Since August 2018, Pakistan has been dealing with the Financial Action Task Force (FATF) to avoid its harsh conditions. The aim of the study was to examine the current position of Pakistan vis-à-vis the conditions laid down by the FATF. A literature review was conducted to assess the situation over 20 months and a comparative analysis was done. Findings of the study showed that the ministry took nine actions. First, it banned two main and eleven affiliated organizations. Second, it froze 976 moveable and immovable assets of the banned organizations. Third, it intervened in the social welfare activities conducted by the banned organization and seized relevant institutes. Fourth, it ministry convicted more than 200 individuals concerned. Fifth, it appropriated funds amounting to Rs 2,400 million. Sixth, it introduced the mutual legal assistance law and contacted about 84 countries to glean information from them. Seventh, it formulated asset-freezing regulations. Eight, it introduced the charity law across the country. Ninth, it tri-furcated the 4th schedule of the Anti-Terrorism Act of 1997 and established procedures for watching the prospective offenders. The result was that, in 20 months, Pakistan formulated policies meant for curbing money laundering and combating terrorism financing.