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Pakistani delegation in Australia to give FATF progress report

It wants to get off the organisation's grey list

SAMAA | - Posted: Aug 19, 2019 | Last Updated: 2 years ago
Posted: Aug 19, 2019 | Last Updated: 2 years ago
Pakistani delegation in Australia to give FATF progress report

Photo: AFP

Pakistan wants to get off the Financial Action Task Force’s grey list fast. To speed up the process, a team is in Australia to brief the FATF’s Asia Pacific group on the progress it has made so far. 

State Bank of Pakistan Governor Reza Baqir is heading the delegation. According to the finance ministry, the governor is heading a team of FBR, Securities and Exchange Commission of Pakistan, NACTA and Financial Monitoring Unit officers.

They will meet the FATF’s Asia Pacific Group and present a report on the progress made by Pakistan in implementing its action plan. The FATF gave the government a 27-point action plan and said it must make progress on it by August 13, 2019. The plan includes things like stopping money laundering and terrorism financing.

Related: ‘Failure to exit FATF grey list may jeopardise financing assurances’

The group will be briefed on the steps taken so far and what other white collar crimes have been curbed. The FATF’s final review regarding Pakistan is expected in October this year.

The National Assembly’s Standing Committee on Finance recently passed the Foreign Exchange Regulations Amendment Bill, 2019 and the Anti-money Laundering Amendment Bill, 2019, which is meant to show Pakistan’s commitment regarding implementation of the FATF action plan.

The IMF will also take its first quarterly review of Pakistan’s economy before December ends. If the country passes, the IMF will release more disbursements.

In July, the government constituted a special FATF cell to ensure that the action plan agreed upon by both Pakistan and FATF authorities is implemented.

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