UK puts Pakistan on high-risk countries list over money laundering, terror financing

1 month ago 18

In a determination that could interaction Pakistan's chances of getting disconnected the FATF's grey list, the United Kingdom (UK) connected Sunday added the state to its database of 21 "high-risk countries" implicit wealth laundering and panic financing charges. The UK added Pakistan successful 'Amendment of the Money Laundering, Terrorist Financing and Transfer of Funds (Information connected the Payer) Regulations 2021' listing. The regularisation came into effect connected March 26.

Pakistan condemned the UK's determination to adhd it to the list. Foreign Office (FO) spokesperson Zahid Hafeez Chaudhri said the UK's determination to see Pakistan successful the database of 'Money Laundering and Terrorist Financing High-Risk Countries' was not based connected facts and are "politically motivated".

Hafeez Chaudhri hoped that the "UK would reappraisal its regulations successful airy of facts connected the crushed and debar politically motivated and misplaced measures."

The afloat database of high-risk 3rd countries nether Schedule 3ZA includes: Albania, Barbados, Botswana, Burkina Faso, Cambodia, Cayman Islands, Democratic People's Republic of Korea, Ghana, Iran, Jamaica, Mauritius, Morocco, Myanmar, Nicaragua, Pakistan, Panama, Senegal, Syria, Uganda, Yemen and Zimbabwe.

According to the UK government, the nations successful this class airs a menace due to the fact that of the anemic taxation controls and deficiency of cheque and equilibrium connected coercion financing and wealth laundering.

The UK government's "Money Laundering and Terrorist Financing (Amendment) (High-Risk Countries) Regulations 2021" came into effect arsenic portion of actions successful a post-Brexit Britain wherever the state had to find its 'high-risk' nations.

Earlier the database was determined by the European Union (EU) nether the 4th Anti-Money Laundering Directive.

The UK present has its ain database aft the explanation of a high-risk 3rd state identified successful a caller Schedule 3ZA, which came into unit connected March 26, with Pakistan featuring successful it.

Pakistan's Foreign Office spokesperson tried to explicate the actions taken by Islamabad and wherefore the state should not beryllium connected the list. He said, "Pakistan has a robust AML [anti-money laundering]/CFT [combating the financing of terrorism] authorities successful place."

He added that Pakistan has taken "unprecedented measures done a bid of legislative, organization and administrative actions successful the domain of anti-money laundering and countering the financing of terrorism."

Pakistan has been connected the FATF's grey database for deficiencies successful its counter-terror financing and anti-money laundering regimes since June 2018.

In the past plenary league of the FATF, the planetary fiscal watchdog decided to support Pakistan connected the grey database since it had lone complied with 24 of the 27 parameters acceptable for the state arsenic portion of its enactment program to get disconnected the list.