Islamabad (January 05, 2019): Pakistan has prepared its Terror Financing Risk Assessment Report which will be submitted to the Financial Action Task Force (FATF) in the upcoming meeting on Tuesday (January 08).
The report was prepared in accordance with the directions of the FATF. A 12-member delegation from Pakistan, headed by Federal Secretary Finance Arif Ahmed Khan, will be attending the upcoming FATF plenary meeting at Sydney.
Sources stated that the meeting will be identifying both domestic and foreign sources of funding being utilised for terrorist activities.
The terror financing threats include predicate crimes such as cash smuggling, kidnapping for ransom, narco-trafficking, extortion, etc.
The channels for terror financing include Hundi/Hawala, unregistered charities, virtual currencies, depending on the corresponding threats and preventive controls.
In a bid to comply with FATF conditions, Pakistan has identified all risks associated with cash couriers of currency smuggling being used for the purpose of terror financing, including unfrequented routes through the porous Pak-Afghan borders, coastline areas and Pak-Iran borders.
Earlier on October 19, 2018, FATF met 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 expressed satisfaction over the SECP, NAB and Anti-Narcotics measures.
Sources also revealed that 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.
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.
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