Asad reviews progress on FATF Action Plan

ISLAMABAD: Finance Minister Asad Umar here on Wednesday chaired focused meetings with SECP and SBP to review progress made by the regulators on FATF Action Plan. The meeting was attended by executive directors from SBP and SECP, DG-FMU, Legal Adviser-FMU and other senior officials. During the meeting, SBP and SECP gave a detailed presentation on the progress on actions taken by them towards implementation of FATF Action Plan. The finance minister desired to ensure that the internal action plans with specific timelines on implementation of FATF Action Plan should be put in place immediately and shared with FMU so that all FATF Action Plan items are completed within the agreed time lines. The finance minister also asked them that not only complete actions due in January 2019 but also focus on actions due in May and September 2019 as they would be required to update FATF on work being done to meet those timelines. The finance minister over the last three days held series of meetings with different stakeholders reviewing progress in regard to work undertaken by them on FATF action plan. The meetings concluded on Wednesday.