Pakistan submits implementation report to FATF

KARACHI: A 10-member Pakistani delegation has presented its implementation report to the Asia-Pacific Joint Group (APG) at a face-to-face meeting in Guangzhou, China, with officials of the Financial Action Task Force’s (FATF) regional affiliates.

Sources told Geo News on Thursday that the delegation led by Finance and Revenue Secretary Mohammad Younas Dagha has informed the APG about Pakistan’s measures to stop terror financing and money laundering.

The delegation apprised the APG about the measures taken at airports and land and sea border check-posts to curtail currency smuggling. The delegation also informed the group about Pakistan’s efforts to curtail activities of banned terrorist outfits and stop monetary transactions linked to them.

Led by the finance secretary, the 10-member delegation defending Pakistan’s efforts against money laundering and terror financing includes officials from the Ministry of Foreign Affairs, National Counter Terrorism Authority (NACTA), Financial Monitoring Unit (FMU), Ministry of Interior, Federal Board of Revenue (FBR), State Bank of Pakistan (SBP), Securities and Exchange Commission of Pakistan (SECP), and the Federal Investigation Agency (FIA).

Pakistan has already submitted a report informing the APG of the actions it has taken against proscribed organisations and to strengthen its systems in order to block flow of funds that may be used in terrorist activities.

In October, the FATF Asia Pacific Group had demanded more action from Pakistan to put an end to money laundering and financial assistance to terrorists. Following a meeting in Paris in June last year, the Paris-based organisation formally included Pakistan on its "grey list" of countries with inadequate controls over curbing money laundering and terrorism financing.

The organisation can make recommendations to any of the countries that have signed a membership charter, as well as other nations, but it has no power to impose sanctions.

According to officials, Pakistan had until May to ensure implementation on the measures laid down by FATF.