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FATF officials to visit Pakistan in October

ISLAMABAD: A delegation of the Financial Action Task Force (FATF) will visit Pakistan in next month, October.

The preparations are being made by the federal government and concerned departments for the delegation’s visit.

A meeting of the policy board of Securities and Exchange Commission of Pakistan (SECP) has also been summoned today which will be chaired by the finance secretary to discuss a nine-point agenda and other related matters ahead of the FATF visit.

A working paper has been drafted by the SECP pertaining to money laundering and terror financing which incorporates recommendations for measures in identifying domestic and foreign transactions.

As Pakistan is currently under the grey-list, the FATF delegation, during its visit, will put forward  recommendations whether to take Pakistan off the grey-list or to add it to the black list.

In June, Pakistan vowed to implement the action plan negotiated with the Financial Action Task Force to address concerns of the international community.

On June 28,  Pakistan’s name was placed on the ‘grey list’ during FATF Plenary session in Paris.

The FATF is an inter-governmental body established in 1989 to combat money laundering, terrorist financing and other related threats to the integrity of the international financial system.

Last month, Finance Minister Asad Umar informed the Senate that the Financial Action Task Force had given Pakistan 15 months to comply with its requirements within its set deadline expiring in September 2019.

 

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