F.P. Report
PARIS: The Financial Action Task Force has acknowledged the steps taken by Pakistan towards improving its anti-money laundering and countering financing of terrorism regime.
In its appraisal Friday about Pakistan’s progress, the FATF said the steps taken by Pakistan also include operationalizing the integrated database for its currency declaration regime.
Pakistan was earlier placed by FATF in its Ongoing Compliance Document in view of an Action Plan undertaken by it to strengthen its CFT Regime.
The FATF reviewed the progress made by Pakistani authorities concerned with CFT role, based upon an analysis carried out by Asia-Pacific Joint Group.
The FATF noted that Pakistan took several steps to implement the Action Plan including by undertaking Risk Assessment of Terrorism Financing and Cash Smuggling in the country.
FATF advised Pakistan to take further actions that include detailed assessment of TF Risk, strengthening of AML/CFT supervisory measures by the regulatory authorities, financial inquiries and investigations into terrorist funding activities and promotion of awareness among the citizens on CFT measures and controls.
The FATF will undertake the next review of Pakistan’s progress in June 2019 which will be preceded by Face-to-Face meeting with the Joint Group in May 2019.
Meanwhile, Finance Minister Asad Umar lauded FATF Board for acknowledging Pakistan’s efforts in strengthening its laws and systems related to curbing money laundering particularly terror related financial flows.
In a tweet, he said FATF maintained Pakistan’s current status despite hectic efforts and lobbying to get us black listed.
