FATF reviews Pakistan’s compliance report

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ISLAMABAD: The Financial Action Task Force’s (FATF) Asia Pacific Group on Monday scrutinised Pakistan’s compliance report on supervision of regulatory regime and investigation against money laundering and terror financing.

The Asia-Pacific Group is evaluating Pakistan’s possible exit from the grey list of the FATF by the mid of October.

In this regard, Pakistan’s 15-member delegation led by Minister for Economic Affairs Hammad Azhar justified its compliance report on the first day on the face-to face meeting with FATF’s Asia Pacific Group being held in Bangkok.

Compliance on immediate outcomes of 3 and 9 were analysed while overall performance went well.

“Now the FATF’s Asia Pacific Group will scrutinise Pakistan’s performance on key issues related to terrorists, terrorist organisations and financiers for preventing from raising, moving and using funds and form abusing the non-profit organisations (NPO) such as NGOs sector in today (Tuesday) meeting,” top official sources confirmed to The News.

Pakistan would tell all good things it had done in terms of taking over the assets and related investigation being carried out in case of terrorist outfits in last six months in order to ensure compliance on FATF requirements, the source narrated.

During the first two days of the meeting, Pakistan’s compliance report on 27-point action plan would come under discussion.

Under Immediate outcome 3, Pakistan is required to supervise, monitor and regulate financial institutions for compliance with AML/CFT requirements commensurate with their risks.

Under Immediate outcome 9, Pakistan is required to take action against terrorist financing offences and activities investigated and persons who finance terrorism are prosecuted and subjected to effective, proportionate and dissuasive sanctions.

In today’s meeting, the Immediate Outcome 8 related to proceeds and instrumentalities of crime are confiscated will come under discussion.

The scrutiny session will conclude on September 13.