Sunday, September 19, 2021

FATF delegation puts forth demands to Islamabad


ISLAMABAD: Delegation of Financial Action Task Force (FATF) has demanded from the government of Pakistan to take a number of steps to ameliorate its position on the global forum.

According to details, FATF mission during its negotiations with Pakistan, called for measures to curb money laundering and terror financing.

The FATF team also asked the government to keep the 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.

The initiative will also be applicable on accountants, trust and service providing companies.

The FATF team arrived in Islamabad on October 8, for the final negotiations with the authorities in Pakistan.

FATF Asia-Pacific team will be staying in the country until October 19 to review the administrative and legal measures taken by Pakistan to curb the financial assistance to terrorists.

During its stay here, the delegation will meet officials of the ministries of finance and interior, the financial monitoring unit, and the State Bank .

A working paper has also been drafted by the Securities and Exchange Commission of Pakistan (SECP) pertaining to money laundering and terror financing which incorporates recommendations for measures in identifying domestic and foreign transactions.

According to sources, the officials in the task force are also likely to hold meetings with the Securities and Exchange Commission of Pakistan and law enforcement agencies.

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 the FATF Plenary session in Paris.


Latest Posts