National institutions begin anti-money laundering campaign

ISLAMABAD: The national institutions including Federal Investigation Agency (FIA) have commenced anti-money laundering drive across the country in accordance with the recommendations of Financial Action Task Force (FATF), ARY News reported on Wednesday.

The federal government has installed billboards and awareness banners on different streets, banks with messages for staying away from all mediums of illegal money transfers including hawala and hundi.

Sources told ARY News that the authorities will begin countrywide actions under money laundering act after completing its awareness campaign which is also being participated by interior and finance ministries and the central bank, State Bank of Pakistan (SBP).

Read: Pakistan will come off FATF grey list soon: FM Qureshi

Earlier, Pakistan’s actions against money laundering and terror financing had received applaud at the Financial Action Task Force (FATF) meeting in Paris this month, eliminating the concerns of being dragged to the global body’s blacklist.

Pakistan is currently on the grey list of the FATF and there would be no voting on removing the country from it as the grey list is enacted for a country for a period of two years.

“Another review of Pakistan’s implementation on the 27 targets will be held at the anti-money laundering forum in October 2020,” said sources.

Read: Pakistan made significant progress on FATF action plan: Azhar

The sources said that India’s bid to drag Pakistan into the blacklist of the FATF was foiled and the member states of the body applauded the country’s efforts towards implementing on their recommendations on the 14 out of a total of 21 targets.

Pakistan enjoyed the support of friendly countries including Turkey, China, Malaysia and others along with receiving applaud on actions from Singapore, Holland, Hong Kong, Canada and United States, France, Japan, Saudi Arabia, United Kingdom and others.

It is pertinent to mention here that that the support of at least three member states is needed to avoid blacklisting at the FATF.

Pakistan assured the forum of completing the scrutiny of all welfare organizations working countrywide and bringing improvement in the working of NACTA, they said.