Pakistan to hold talks with FATF in Bangkok today

BANGKOK: A team of Pakistani officials holding talks with the Financial Action Task Force’s (FATF) Asia Pacific Group (APG) in Bangkok on Monday (today), ARY News reported.

Minister for Economic Affairs Hammad Azhar will lead the Pakistani team for a final evaluation of anti-money laundering and countering the terrorism financing report.

Pakistan’s 15-member economic team will submit replies to 125 questions of the APG, which had been asked to take Pakistan out of the grey list.

A session of cross-questioning would also be held during the talks between the two sides.

Particular emphasis has been placed on measures the state has adopted and implemented for freezing the assets of banned organizations, curbing the financing of banned outfits and legislation for restricting money laundering.

The Asia-Pacific Group will analyze Pakistan’s targets and implementations over its overall recommendations. Pakistan will argue its case and present its final defence.

The decisive report will be forwarded to the FATF after the meeting.

Sources familiar with the matter told the media that the outcome of the talks would decide whether Pakistan’s name stayed on the grey list or would it be added to the black list.

Led by Economic Affairs minister Hammad Azhar, the committee comprises representatives of all the institutions concerned with money laundering and terror financing including the State Bank of Pakistan (SBP), SECP, Director General Federal Investigation Agency (FIA), Federal Board of Revenue (FBR) and the Financial Monitoring Unit (FMU).

The next FATF session will be held in Paris by the end of October.