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Pakistan committed to implement international anti-money laundering standards: Asad Umar

ISLAMABAD: Federal Minister for Finance Asad Umar on Thursday said that the government is commitment to implement the international anti-money laundering and counter financing terrorism (AML/CFT) standards.

Talking to Asia Pacific Group On Money Laundering’s Mutual Evaluation Team, the finance minister reaffirmed Pakistan’s strong and unequivocal commitment to work with APG and Financial Action Task Force (FATF) in the fight against money laundering, terrorism financing and other financial crimes.

He particularly emphasized that Pakistan would continue to take all actions required to further strengthen its AML/CFT regime.

Headed by Gordon Hook, Executive Secretary of APG, the assessment team briefed the minister about the purpose of their visit to Pakistan.

They said the APG team held several meetings with Pakistan’s Anti Money Laundering/Counter Financing Terrorism (AML/CFT) stakeholders.

Gordon Hook thanked the finance minister for hosting APG’s onsite visit and acknowledged Pakistan’s progress in AML/CFT areas.

Pakistan has launched a crackdown on money laundering to curb terror financing.

It is pertinent to note here that last month, the Securities and Exchange Commission of Pakistan (SECP) also issued Anti-Money Laundering/Countering Financing of Terrorism (AML/CFT) guidelines for Non-Profit Organizations (NPOs).

The guidelines were issued on the basis of the recommendations of the Financial Action Task Force (FATF), keeping in view the evolving threats and challenges faced by NPO sector in the country.



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