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Finance minister reviews progress of FATF action plan

ISLAMABAD: Finance Minister Asad Umar on Wednesday chaired a meeting in Islamabad to review progress of Financial Action Task Force (FATF) action plan.

The meeting was attended by the executive directors from State Bank of Pakistan and Securities and Exchange Commission of Pakistan, the director general Financial Monitoring Unit, legal adviser FMU and other senior officials.

The meeting was given a detailed presentation on the progress on actions taken by them towards implementation of FATF action plan.

Read More: FATF team concludes visit; report on Pakistan to be published on Nov 19

He emphasized the need to enhance level of institutional coordination to ensure timely accomplishment of FATF action plan. He also desired appropriate and complete responses to APG’s follow-up queries.

It is pertinent to note here that in October this year, the FATF’s AGP group arrived in Islamabad for the final negotiations with the authorities in the country. During its 12-day visit, the mission reviewed the administrative and legal measures taken by Pakistan to curb the financial assistance to terrorists.

The delegation of the FATF demanded from the government of Pakistan to take a number of steps to overhaul its position on the global forum.

The international body asked the government to keep a record of transactions, from 3000-15000 US dollars and euros, taking place in the form of assets, gold and other sectors like metal business and law firms.

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