Pak to brief FATF group on anti money laundering, terror financing action

ISLAMABAD: The Asia-Pacific Joint Group (APG), a regional group of the Financial Action Task Force (FATF), will meet in Guangzhou, China tomorrow, ARY News reported on Tuesday.

A delegation of Pakistani officials have left for China and it will brief the two-day APG session about Pakistan’s efforts and progress in action against money laundering and terror financing.

The delegation led by Finance Secretary Mohammad Younas Dagha comprises officials from the Financial Monitoring Unit, Ministry of Foreign Affairs, National Counter Terrorism Authority, the interior ministry, the Federal Board of Revenue (FBR), the State Bank of Pakistan, Securities and Exchange Commission of Pakistan and the Federal Investigation Agency.

The APG meeting is scheduled for May 15-16 in Guangzhou. Pakistan has already submitted a report of its actions and activities taken against proscribed organisations.

Ten-member delegation will brief the FATF session about Islamabad’s efforts against money laundering and terror financing.

The government had last week ordered constitution of the Directorate of Cross Border Currency Movement (CBCM) in Islamabad to maintain a data base of currency seizures.

Moreover, a Data and Risk Analysis Cell has also been created to conduct regular analysis of data pertaining to currency seizures, currency declarations, banking transactions, benami accounts, transaction, etc to combat money laundering.

According to sources, Pakistan has prepared its reply on the 27-point action plan given by the FATF. Pakistani officials will inform the meeting about the measures implemented so far.

A delagation of Asia Pacific Group in March talks with Pakistani officials in Islamabad had stressed for stepping up the measures to combat money laundering. The delegation had demanded on ground action against the outlawed groups and to block the flow of funds to the proscribed organisations.