FATF team in Pakistan for final talks

FATF team in Pakistan for final talks

SAM Staff,

Pakistani authorities and representatives of Financial Action Task Force (FATF) will begin final round of talks in Islamabad on Monday (Sept 7).

The FATF Asia-Pacific team is scheduled to arrive in the federal capital tonight  on a two-week visit. The delegation will meet with officials of finance and interior ministries, the financial monitoring unit, and the State Bank from October 7 to 19.

Sources told Geo that the visitors will review administrative and legal measures taken by the Pakistani government to stop terror financing.

The government has reportedly approved amendments proposed by the financial watchdog, in the Anti Money Laundering (AML) and Countering Financing of Terrorism (CFT) Regulations 2018.

In addition, several steps recommended by the global body to determine money trail have also been approved for implementation.

Al-Rahman Trust, a suspected terror group, has been banned by the government, sources added.

The delegation is also expected to hold meetings with officials of the Securities and Exchange Commission of Pakistan and law enforcement agencies.

In June, the FATF said Pakistan had made “a high-level political commitment” to work with the global watchdog and Asia/Pacific Group on Money Laundering (APG) to strengthen its anti-money laundering and combating the financing of terrorism regime.

Pakistan was formally added to the grey list of countries involved in providing monetary assistance to terrorism and related causes after a June meeting of FATF in Paris.

FATF, a global body that combats terror financing and money laundering, had taken the decision to place Pakistan on its grey list during a plenary meeting in February this year. The country was also included in the list from 2012 to 2015.