ISLAMABAD: Pakistan’s actions against money laundering and terror financing received applaud at the Financial Action Task Force (FATF) meeting in Paris on Wednesday, eliminating the concerns of being dragged to the global body’s blacklist.
The sources said that India’s bid to drag Pakistan into the blacklist of the FATF was foiled, however Pakistan will remain on the gray list.
Pakistan enjoyed the support of friendly countries including Turkey, China, Malaysia and others.
The meeting continued in Paris while Economic Affairs Minister Hammad Azhar is representing the country who gave detailed briefing to the FATF officials.
The Minister briefed that strict screening of suspected transactions, cash couriers, transactions system are continued while funds collections and its is banned while assets of the banned outfits have been confiscated.
Besides the laws regarding illegal wealth, value transfer services have been tightened while the Minister has also assured complete screening of NGO’s, financial institutions.
Pakistan in its briefing informed the FATF officials that the coordination among security organizations have been improved while Pakistan followed the UN resolutions regarding the banned outfits and personalities and made laws stricter against transportation of currency and jewels.
The member states of the body applauded the country’s efforts towards implementing on their recommendations on the 14 out of a total of 21 targets.
During the review process, the member states remained satisfied over the actions taken by the State Bank of Pakistan (SBP), Security and Exchange Commission of Pakistan (SECP), Federal Board of Revenue (FBR) and Financial Monitoring Unit (FMU).
It is pertinent to mention here that that the support of at least three member states is needed to avoid blacklisting at the FATF.