FATF action plan: Pakistan submits report

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SOURCEBusiness Recorder
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Pakistan submitted on Monday a report on strengthening of its anti-money laundering and combating the financing of terrorism framework to the Financial Action Task Force, according to Aaj News. A 15-member Pakistani delegation submitted the report during the talks with FATF officials in Bangkok, the sources said. The negotiations between the two sides will continue until September 13.

Minister for Economic Affairs Hammad Azhar is leading the Pakistani side at the talks. Officials of the State Bank of Pakistan, ministries of Finance and Interior, Federal Investigation Agency, Securities and Exchange Commission of Pakistan (SECP), Federal Board of Revenue (FBR), National Counter Terrorism Authority and the Financial Monitoring Unit have also been part of the talks. The report submitted by Pakistani officials detailed the steps taken by Islamabad in the light of FATF’s recommendations.

Also Read: Pak team off to Bangkok for FATF meeting

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During the ongoing negotiations, the FATF will be apprised of measures taken by Pakistan to prevent suspicious transactions. Officials will respond to FATF’s queries about restricting illegal activities and freezing the assets of proscribed organisations and groups. The officials will also brief the anti-money laundering watchdog on the legislation with regard to foreign currency regulations.

The FATF will evaluate the report submitted by Pakistani officials. It will make a final decision on whether to exclude Pakistan from its grey list, keep it or place it on the black list at a meeting in Paris on October 16-18.

(This news/article originally appeared in Business Recorder on September 10th, 2019)

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