Abb Takk News

Crucial Six Day Meeting of FATF Kicking-Off Today

Web Desk (June 24, 2018): Pakistan is expected to formally be placed on the “grey-list” of the Financial Action Task Force (FATF) during its crucial six-day meeting beginning today (Sunday) in the French capital.

The decision to place Pakistan on the global money-laundering watchdog’s ‘grey-list’ was made during a FATF plenary meeting in February this year.

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Pakistan is required to submit the action plan for review during the meeting taking place from June 24 to June 29 in Paris.Further, a FATF team is expected to visit Pakistan next month (July).

Ahead of the meeting, Pakistan took steps in keeping with FATF regulations.

NSC Meeting Discusses FATF:

The National Security Committee (NSC) session discussed the Financial Action Task Force (FATF) meeting scheduled for later this month.

The meeting expressed satisfaction over the progress made so far by Pakistan regarding actions towards fulfilling country’s international responsibilities under the Financial Action Task Force framework.The session, attended by the country’s top civilian and military leadership, was briefed by interim Finance Minister Dr Shamshad Akhtar about preparations for the next FATF meeting. Dr Akhtar informed the NSC about the legal and administrative measures of the FATF.

The participants agreed that Pakistan is fulfilling its obligations at the international level, and expressed resolve to continue cooperating with global organisations to achieve mutual goals and interests.

Finance Ministry Had Already Fulfilled Few Demands of FATF:

Finance Ministry officials said that Pakistan had already fulfilled few demands of FATF. They said that the delegation will seek time to fulfil all the demands. Pakistan will brief about its action which the government passed through Finance Bill 2018 with the approval of the Parliament for taxing foreign jurisdictions and helping the country to curb money laundering under mutual assistance agreement with OECD and other bilateral countries.The purpose of the plenary meeting is to ensure the adoption, implementation and enforcement of internationally accepted anti-money laundering and counterterrorist financing standards as set out in the FATF Forty Recommendations and FATF Eight Special Recommendations.In a bid to foil this move, the newly stalled Federal Minister for Finance Dr Shamshad Akhtar on Wednesday directed all authorities concerned to fill required existing gaps on administrative and legal fronts before attending this scheduled meeting.

“Yes, the Minister for Finance Dr Shamshad Akhtar has reviewed all legal and administrative steps taken by Islamabad to avoid slipping into the category of greylist so proper homework will be done to achieve our desired objectives,” one top official of government confided after attending the meeting chaired by Minister of Finance on Wednesday.In a brief official announcement, the Ministry of Finance stated that Dr. Shamshad Akhtar, Minister for Finance, Revenue, Economic Affairs, Statistics and Planning Development and Reforms chaired a meeting here at the Ministry of Finance to review different FATF related issues.

Following the events of 11 September 2001, the Asia Pacific Group (APG) expanded its scope to include the countering of terrorist financing. The APG is supported by a Secretariat, which serves as the focal point for its activities. The APG became an Associate Member of the FATF in 2006.

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