Pakistan, FATF officials continue dialogues in Beijing

BEIJING: The officials of Pakistan and Financial Action Task Force have continued dialogues in Beijing where the implementation report of Islamabad was reviewed regarding the four-month progress on the FATF action plan, citing sources, ARY News reported on Wednesday.

Sources said FATF officials were briefed over four-month progress on the implementation of the action plan by Pakistani officials. The briefing was given by Federal Minister for Economic Affairs Hammad Azhar which highlighted the effective measures taken by the government for anti-money laundering (AML) and counter financial terrorism (CFL).

The report submitted by the Pakistani officials was also reviewed by the FATF officials in Beijing.

Read: Hammad Azhar says Pakistan to come out of FATF’s grey list in February 2020

Hammad Azhar said that strict ban has been imposed on outlawed outfits, whereas, the rate of case registration under terror-financing rises up to 451 per cent and arrest made under the category increases up to 677 per cent.

He elaborated that the rate of penalties imposed in terror-financing cases has witnessed rise up to 403 per cent, whereas, the concerned institutions have seized Rs314.2 million.

Azhar, while providing statistics to the FATF officials, said 827 cases had been registered under the category of terror-financing till December 2019 besides 1,104 arrests across the country. 196 out of 1,104 detained persons have been pronounced sentences, whereas, 387 cases were registered in Khyber Pakhtunkhwa (KP), sources said.

Read: FO condemns Indian General’s remarks on FATF, Kashmir

Sources said FATF officials have expressed satisfaction over the implementation report during the ongoing dialogues which will be continued till Thursday (tomorrow).

A Pakistani delegation, headed by Minister for Economic Affairs Hammad Azhar, had arrived in China’s capital on January 20 to hold talks with the Financial Action Task Force (FATF) Working Group.

The important three-day face-to-face talks with the global money laundering and terror financing watchdog commenced from January 21 and it will continue till January 23.

The delegation comprises representatives of the Foreign Ministry, Interior Ministry, State Bank of Pakistan (SBP), Customs, National Counter Terrorism Authority (NACTA) and Financial Monitoring Unit (FMU).

Read: Pakistan submits implementation report of FATF action plan: sources

Sources say Pakistan has already launched efforts, including contacting FATF member countries, to get off the watchdog’s grey list.

Islamabad had sent a 650-page review report to the FATF on January 8 in response to 150 questions raised by the watchdog.

The Pakistani delegation would put forward details about the measures the country has thus far taken from Oct onward in light of the recommendations of the FATF Action Plan.

The sources said FATF’s plenary session slated for Feb 16 in Paris will evaluate Pakistan’s measures to combat terror financing and money laundering as voting will also take place to consider the country’s exit from the list.