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Pakistan Reiterates Commitment To Curb Terror Financing

Islamabad (August  03, 2018); National Executive Committee on Friday has reiterated Pakistan commitment to take all possible steps to ensure effective institutional coordination and swift action to curb the menace of terror financing and money laundering.

The NEC meeting was held Islamabad with caretaker Finance Minister, Dr Shamshad Akhtar in chair.

It took stock of the progress made to strengthen the institutional framework and coordination for the implementation of the FATF Action Plan.Senior officials from various departments concerned briefed the meeting on progress regarding their respective spheres of work.

There was consensus among participants that all agencies will coordinated to fast track work on FATF Policy Action Plan to ensure effective compliance with the action plan.

The meeting agreed on key steps to strengthen the federal-provincial coordination to ensure effective coordination among the law enforcing agencies and the concerned provincial departments.

The meeting was attended by Minister for Interior and Minister for Law, Governor State Bank of Pakistan, Secretary Foreign Affairs and senior officials of FMU, NACTA, FIA, FBR, SECP and other departments and institutions concerned.FATF Formally Places Pakistan On Grey ListEarlier on, the Financial Action Task Force (FATF) formally placed Pakistan on the grey list due to ‘strategic deficiencies’ in its anti-money laundering and terrorist financing regime.

The decision came despite Islamabad showing progress in the majority of areas identified as threat the international terror financing watchdog.

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The highly anticipated decision was taken by the FATF Plenary that met in Paris from June 24 to 29.

The global body took the decision on the basis of a monitoring report of the International Cooperation Review Group (ICRG).Pakistan has been placed among the jurisdictions (states) with strategic deficiencies Ethiopia, Serbia, Sri Lanka, Syria, Trinidad and Tobago, Tunisia and Yemen.

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