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FATF Ensured Strict Actions, Laws Against Money Laundering

Islamabad (October 19, 2018): The Financial Action Task Force (FATF) the Asia Pacific has left Pakistan after completion of its 13-day visit as Pakistan ensured that strict steps would be raised to control the money laundering.

According to sources, FATF has met with the finance minister, NAB officials, FBR, State Bank, SECP, NECTA and security officials during its visit and discussed the steps to overcome money laundering and reviewed the legal aspects to stop the financial assistance of terrorists.Sources said that the FATF has expressed satisfaction over the SECP, NAB and Anti-Narcotics measures while FATF has prepared the recommendation to remove Pakistan’s name from grey list.

The recommendation will be presented in FATF meeting which will be held in January 2019 in France.

Sources also revealed that FATF team has demanded more strict measures to stop money laundering and financial assistance as Pakistan ensured the team the anti-money laundering laws will be made more strict and vigilance.Sources further said that meeting concluded that the real estate business is more causing the money laundering and to cope the menace Pakistan decided to form a task force.

The amendments in FIA act 1974 and State Bank act 1974 will also be under consideration.

It is pertinent to mention that the six-member FATF team headed by Gordon Hock had reached Pakistan on October 7 and will again visit to Pakistan in March 2019.

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