FATF gives Pakistan six months to curb money laundering
Pakistan and a delegation of FATF’s Asia Pacific held talks for over a week in the capital.
During the dialogues, it was agreed to devise a framework keep the record of real estate, trade transactions and non-profit organizations.
Currently placed on the FATF s grey list, Pakistan has been scrambling in recent months to avoid being added to a list of countries deemed non-compliant with anti-money laundering and terrorist financing regulations by the Paris-based FATF, a measure that officials here fear could further hurt its economy.
On Thursday, Finance Minister Asad Umar said that the FATF had acknowledged Pakistan’s measures to curb money laundering.
The finance minister said that Pakistan was determined to adopt modern ways to stop money laundering.
In August, the APG as part of the pre-site mutual evaluation identified a series of deficiencies in Pakistan s anti-money laundering or counter-terror financing (AML/CFT) laws and mechanisms. The report was sent to Pakistan with recommendations.
In response, Pakistan has provided details of measures taken in compliance with the recommendations. On October 5, Pakistan received another technical compliance annexure from the APG which further highlighted deficiencies in the AML/CFT measures that Islamabad needs to take.
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