Published On: Tue, Oct 15th, 2019
Published in Category: International

FATF expresses satisfaction on measures taken by Pakistan

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PARIS: Financial Action Task Force (FATF) has expressed satisfaction on the measures taken by Pakistan and its progress in various areas.

Meeting of the Financial Action Task Force started in Paris on Sunday and will continue till Friday next.

A Pakistani delegation led by Minister for Economic Affairs Barrister Muhammad Hammad Azhar told the FATF meeting that Pakistan has made positive progress in 20 out of twenty seven points. China, Turkey and Malaysia appreciated the steps taken by Pakistan.

Meanwhile, representatives from 205 countries and jurisdictions around the world, the IMF, UN, World Bank and other organizations are attending.

Six days of meetings will focus on disrupting financial flows linked to crime and terrorism and discuss ways to contribute to global safety and security.

Pakistan is looking to get off FATF’s ‘grey list’, on which it was placed last year after the body decided that the country had failed to take enough measures to curb money laundering and terror financing.

The FATF Week will focus on “disrupting financial flows linked to crime and terrorism and discuss ways to contribute to global safety and security”. The round of meetings will be attended by representatives from 205 countries as well as jurisdictions around the world, including the International Monetary Fund, United Nations, World Bank and other organisations.

The Asia-Pacific Group (APG) on Money Laundering released its mutual evaluation report on October 2, which discussed measures that were in place in Pakistan during the onsite visit conducted in October 2018. The APG is a regional body of the FATF, which requires its members to undergo mutual evaluation of the anti-money laundering and combating the financing of terrorism frameworks.

“According to the APG report, out of the 40 recommendations given to Pakistan, the country has shown compliance in one (area), Financial Institutions Secrecy Law, and has shown noncompliance in four areas, ” stated brokerage firm Topline Securities in its report.

“However, Pakistan is partially compliant on 26 and largely compliant on nine recommendations, ” it added. It mentioned that Pakistan has shown decent progress since October 2018.

The National Assembly recently passed a bill to amend Foreign Exchange Regulations (FERA 1947) with a view to streamline the foreign exchange movement and prescribe stricter punishment for money laundering. The government has also launched a crackdown on banned terrorist outfits.

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