Center of Pakistan and International Relations (COPAIR) hosted a webinar “FATF Dialogue: Challenges for Pakistan in Combating Money laundering, Financing of Terrorism”


Islamabad: Center of Pakistan and International Relations (COPAIR) hosted a webinar “FATF Dialogue: Challenges for Pakistan in Combating Money laundering, Financing of Terrorism” This webinar was aimed to gather insights from the academic and technical experts of pertinent subjects of combating Money Laundering and Terror Financing. In addition, to bring a rational and critical appraisal of the FATF compliance protocols towards Pakistan. In account to this, a diverse panel was convened to discuss the critical subject, where Mr. Ehi Eric Esoimeme from Nigera, Kelly McCann from the US, Barrister Hassan Aslam Shad from the US, while president COPAIR Amna Malik, Barrister Abdullah Mumtaz Kahloon, Maleeha Hashmey and Dr. Tehmina Aslam Ranjha from Pakistan delivered their riveting talks and commenced deliberations in the virtual session. Eminent policymakers, members of diplomatic circle, military and academic community participated in the session and asked questions pertaining to the menace of ML/TF and Pakistan’s status, dynamics and policy measures in context of FATF protocols.

Barrister Abdullah Mumtaz Kahloon presided the session as moderator, he set the tone of the event through pitching the agenda and objectives of the virtual conference.
Dr Tehmina Aslam Ranjha briefed on the topic- FATF concerns & actions taken by Pakistan. She gave an inclusive review of Pakistan’s case in acquiescence to the FATF protocols. She mentioned that Pakistan made a resounding success when it comes to the legislations and policies formulations Vis-a- Vis FATF suggested regulatory reforms. However, there is dire need to execute such polices in true spirit to ensure considerable outcomes.
Mr. Ehi Eric Esoimeme, expressed his views on implementing the preventive measures of Recommendations 10 to 23 of the Financial Action Task Force using a hybrid of rules and predictive models – The Case of Pakistan”. He stated that majority of states that are facing challenges to fulfill the FATF compliance protocols are their inadequacy of reporting entities to implement adequate policies, procedures and internal controls based on an appropriate assessment of their money laundering and terrorist financing risks. While acknowledging Pakistan’s efforts, he said that Training for anti-money laundering compliance using focused classroom training and on-line learning systems for higher risk or minority areas can promote the cultural and awareness .
Ms. Kelly McCann, Spoke on the topic- correspondent banking and measures to avert the risks of ML/TF. She emphasized usage of modernized technology and software to ensure precise surveillance. She further stated that the role of and Establishing correspondent banking relationships, correspondent institutions are required to perform customer due diligence (CDD) on the respondent institution, and gather sufficient information about the respondent institution to understand its business, reputation and the quality of its supervision, including whether it has been subject to a ML/TF investigation or regulatory action, and to assess the respondent institution’s AML/CFT controls.

Barrister Raja Amir Abbas presented an in-depth appraisal of the FATF and Pakistan’s engagement-from legal perspective. He commends the efforts undertaken by Pakistan but he also made a point that Pakistan have to revamp its strategic policy to purse its cases at foreign fronts. He also cited various cases like FATF that became subtle due to insufficient consolidated legal framework policy apparatus.
Ms Maleeha Hasmey, was the co-moderator of the event. She overtly highlighted the FATF duplicity towards Pakistan. While referring to Indian case, she briefed participants that there are irrefutable evidences of money laundering and terror financing by India but the FATF does not hesitate to hold India accountable for these crimes. The FATF’s exceptional attitude towards India questions the impartiality and efficiency of the organization. India is involved in money laundering and terror financing at extreme level which is threatening the peace in the region and also a formidable challenge for the protection International Financial System.

Ms Amna Malik, President COPAIR concluded the session with her interactive discussion, while sharing the initiatives of COPAIR and providing her recommendations on the subject. She stated that Ml/TF has emerged as one of the significant global challenges and it required a collective approach, irrespective of subjective interests to combat such illicit trends. While highlighting  Pakistan’s case, she commends Pakistan’s resilient efforts to combat the challenges of ML/TF amid of pandemic crisis. Adding further, she made a point that the pressure tactics through the FATF cannot denounce the geostrategic significance of Pakistan. This nefarious agenda of isolating Pakistan will not succeed and Pakistan will accomplish triumphs through subverting all challenges.
This virtual event was aimed to create plausible prospects of policy advocacy

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