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FATF mission due in Pakistan today

ISLAMABAD: A delegation of the Asia-Pacific Group (APG) on money laundering — a regional affiliate of the Financial Action Task Force (FATF) — is due in Pakistan on Monday (today).

The mission would assess Pakistan’s progress on global standards against monetary crimes to warrant its exclusion from the FATF’s grey list.

“The meetings will start on Tuesday and will end on Thursday,” said Finance Ministry’s spokesman Dr Khaqan H. Najeeb.

He said the APG assessment team would meet officials from the State Bank of Pakistan, Securities and Exchange Commission of Pakistan, Election Commis­sion of Pakistan, Ministry of Foreign Affairs, Ministry of Interior, National Counter Terrorism Authority, law enforcement agencies and counter terrorism departments.

The FATF had placed Pakistan on a money laundering “grey list” early in 2018 but given it time to take action against further downgrade.

“Since June 2018, when Pakistan made a high-level political commitment to work with the FATF to strengthen its anti money laundering/combating financing of terrorism regime and to address its strategic counter-terrorist financing-related deficiencies, Pakistan has taken steps towards improving the regime, including by operationalising the integrated database for its currency declaration regime,” the body said in a statement issued last month.

 

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