A delegation of Pakistan reached Paris to attend a crucial two-day session of the Financial Action Task Force (FATF).
The delegation is headed by Federal Minister for Economic Affairs Hammad Azhar and includes Additional Secretary Finance Sohail Rajput, along with the representatives of National Counter Terrorism Authority (NACTA), Federal Investigation Agency (FIA), Federal Board of Revenue (FBR) and Securities and Exchange Commission of Pakistan (SECP).
According to sources, the FATF meeting would consider a report on the measures taken by Pakistan to curb terrorism-financing and money laundering until April 2019 and decide whether to exclude Islamabad from the gray list of the intergovernmental organization.
Pakistan has indeed complied with one of the other binding conditions put forward by the Asia-Pacific Group (APG) a regional FATF subsidiary to implement measures to reduce black money in the real estate sector.
Week Before Decision On Blacklisting, FATF Partially Happy with Pakistan
The Asia/Pacific Group on Money Laundering (APG) published its report on money-laundering and terror-financing in Pakistan, a week before its Paris-based G7 counterpart, the Financial Action Task Force (FATF), is set to announce its decision to remove or retain Islamabad in its grey list.
The long-awaited 228-page report, titled “Mutual Evaluation Report 2019,” would provide a basis for the FATF — the international money-laundering and terror-financing watchdog — to make its decision in an upcoming Paris meeting scheduled for October 13-18, keeping in view Pakistan’s compliance with the parameters it had set earlier.
Pakistan made progress on countering money laundering and terror financing as the Asia/Pacific Group on Money Laundering (APG) has highlighted Pakistan’s progress positively with compliance on 36 of the 40 parameters, while the Joint Working Group (JWG) has categorized Islamabad as compliant on 10 points out of total 27 points of action plan.
The APG report states that Pakistan has largely but partially complied with 36 of the 40 parameters set by the FATF at the time of the country’s inclusion in the grey list.
However, it pointed out that Islamabad only missed four of the total 40 parameters that it was to follow in order to be effectively removed from the list.
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13 November, 2019