ISLAMABAD – A delegation of the Financial Action Task Force (FATF) will visit Pakistan in next month (October) to review the prevailing situation with regard to steps taken by the government against money laundering and terror financing.
The delegation will review cases of money laundering and terror financing in Pakistan and make recommendations for measures to identify domestic and foreign transactions. The federal government and concerned departments have started preparing for the delegation’s visit.
A meeting of the policy board of Securities and Exchange Commission of Pakistan (SECP) has also started to review matters ahead of the visit.
https://en.dailypakistan.com.pk/pakistan/imf-team-to-visit-pakistan-to-review-economic-reforms/
SECP has prepared a working paper against money laundering and terror financing which includes recommendations for measures to identify domestic and foreign transactions.
Last month, Finance Minister Asad Umar informed the Senate that the FATF had given Pakistan 15 months to comply with its requirements, with the deadline set to expire in September 2019.
The finance minister said the FATF delegation had traveled to Pakistan for a routine evaluation and the visit did not pertain to the greylist. “27 deficiencies have been identified by the FATF having to deal with currency smuggling, havala and terror financing of proscribed organisations,” he said.
According to Umar, a National Action Committee had been formed to deal with the issue.
https://en.dailypakistan.com.pk/pakistan/pakistans-economy-to-be-back-on-track-after-heart-bypass-surgery-asad-umar/
In June, the FATF said Pakistan had made “a high-level political commitment” to work with the global watchdog and Asia/Pacific Group on Money Laundering (APG) to strengthen its anti-money laundering (AML) and combating the financing of terrorism (CFT) regime.
The FATF placed Pakistan on its grey list after a meeting in Paris on June 28. Pakistan was placed on the list of countries involved in providing monetary assistance to terrorism and other related causes.
Pakistan was also on the FATF grey list between 2012 and 2015.
