Finance Minister Asad Umar chairs meeting to review progress on FATF action plan

ISLAMABAD: Finance Minister Asad Umar on Saturday chaired a meeting  Saturday to review progress on Financial Action Task Force (FATF) action plan and Asia- Pacific Group On Money Laundering’s assessment, ARY News reported.

According to a statement released by the finance ministry, Director General Financial Monitoring Unit (FMU) briefed the finance minister about the actions taken so far on both FATF Action plan and APG’s assessment.

The minister 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 was agreed to develop an effective monitoring mechanism to ensure that all concerned stakeholders complete the assigned tasks within delegated timelines.

The minister directed that all stakeholders may be advised to develop internal actions plans which shall be monitored on a fortnightly basis.

Senior officials of the Ministry of Finance and other relevant stakeholders attended the meeting.

It is pertinent to note here that earlier this month, 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 Financial Action Task Force demanded from the government of Pakistan to take a number of steps to ameliorate 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.