FATF team seeks more action against money laundering

The Pakistan government would continue to cooperate with the body and will take steps on the directions of the FATF. Assad Umar,

Finance Minister

islamabad — Expressing dissatisfaction over Pakistan’s efforts to combat terror financing, a delegation of the Financial Action Task Force (FATF) has asked the country to take robust steps to strengthen its legal framework if it wants to avoid being blacklisted by the anti-money laundering watchdog, according to a media report on Saturday.

Currently placed on the FATF’s ‘grey list’, Pakistan has been scrambling in recent months to avoid being added to a list of countries deemed non-compliant with antimoney laundering and terrorist financing regulations by the Parisbased watchdog, a measure that officials fear could further hurt its economy.

A nine-member team of the FATF’s Asia-Pacific Group (APG), which visited Pakistan from October 8 to October 19 to review the progress made by it on an action plan agreed in June to address global concerns, has finalised a report with 40 recommendations for de-listing Islamabad from its ‘grey list’ from September 2019. However, the APG delegation expressed dissatisfaction over Pakistan’s progress to comply with international best practices against money laundering and counter-terror financing.

Quoting sources, it said the APG delegation, which shared its final findings with the authorities, has highlighted shortcomings on antimoney laundering front, control and monitoring of non-profit organisations and counter-terror financing mechanism. The authorities were told in clear terms that Pakistan would have to make robust and significant progress from now onwards and before the next on-site review in March-April if it want to move out of the grey list

Earlier, Finance Minister Asad Umer said that “the FATF had acknowledged Pakistan’s measures to curb money laundering. He said that Pakistan was determined to adopt modern ways to stop money laundering.”

“The Pakistan government would continue to cooperate with the body and will take steps on the directions of the FATF.” — PTI, APP