Sydney (January 08, 2019): Negotiations between Pakistan and Financial Action Task Force (FATF) will commence from January 08 (today) in Australia’s City Sydney. The talks will carry on for three days, completing on January 10, 2019.
A 12-member delegation from Pakistan, headed by Federal Secretary Finance Arif Ahmed Khan, will be attending the FATF plenary meeting in Sydney today.
The Asia Pacific Group of FATF will hold talks with Pakistani delegation. According to sources, the two sides will discuss over the report comprising of tactics to remove the lackings in the Anti-Money Laundering Schemes.
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It is expected that FATF will inspect the progress of Pakistan over their previously proposed recommendations.
Sources also stated that the Pakistan delegation will brief FATF over steps taken by the country for Anti-Money Laundering as well as over the restrictions on Counter-Terror Financing.
Pakistan will be submitting a Terror Financing Risk Assessment Report to the Financial Action Task Force (FATF) in the meeting. Pakistan finalised their report on Saturday (January 05). The report was prepared in accordance with the directions of the FATF. Sources stated that the meeting will be identifying both domestic and foreign sources of funding being utilised for terrorist activities.
Earlier on October 19, 2018, FATF met the finance minister, NAB officials, FBR, State Bank, SECP, NECTA and security officials 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 expressed satisfaction over the SECP, NAB and Anti-Narcotics measures. Sources also revealed that the FATF team 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.
The meeting concluded that the real estate business was more causing the money laundering and to cope the menace Pakistan decided to form a task force.