The federal government has prepared an effective and functional strategy for the upcoming Financial Action Task Force (FATF) meeting in Paris, following certain measures to curb money laundering and terror financing guidelines. According to sources, Pakistan””s finance secretary will lead the delegation in the meeting scheduled to be held from February 17 to February 22, 2019.
Besides, the delegation will also inform the Financial Action Task Force representatives regarding steps taken by Pakistan against suspicious banking transactions and fake bank accounts. The delegation would put forward the measures Pakistan wants to adopt.
Pakistan has already formulated legislation and measures to be implemented for fulfilling the financial task force””s conditions. The Asia Pacific Group will also present the report of previous meeting held in Sydney. Last month, Pakistan attended the review group meetings of the FATF, held in Australia from January 8 to 10.
The review group discussed progress in four key areas – Terrorism Financing Risk Assessment report, Customs department report on cash couriers, implementation of United Nations Security Council resolutions, and inter-agency coordination.
Pakistan in the meeting had assured the Financial Action Task Force that responses to the concerns would be provided in the next review meeting in order to comply with the requirements of the FATF.
Pakistan has been working on matters relating to FATF that put Pakistan on the grey list last year for not ””doing enough”” to meet the UN resolutions against organisations purportedly involved in terror financing and money laundering. In February 2016, following the terrorist attacks in Paris, the FATF adopted a consolidated strategy to combat terrorist financing and an operational plan to focus its work in four key areas. Since then, the FATF has intensified its action to identify new and developing terrorist financing threats, strengthen or refine its standards accordingly and assess whether countries have implemented sound and effective measures to detect, prevent and punish cases of abuse of the financial system in support of terrorism.
(This news/article originally appeared in Business Recorder on February 11th, 2019)