FATF delegation to hold talks with Pakistani officials from today
ISLAMABAD: A delegation of Asia-Pacific Group (APG), a regional affiliate of the Financial Action Task Force (FATF), will hold talks with Pakistani officials in federal capital from today to assess country’s progress on global standards against money laundering.
Talks between Pakistan and nine-member APG delegation led by Executive Secretary Garden Hook will be held for three days.
Visiting assessment team, which arrived in Islamabad on Monday, comprises Ian Collins of New Scotland Yard, James Prussing of Department of Treasury United States, Ashraf Abdulla of Financial Intelligence Unit Maldives, Boby Wahyu Hernawan of Indonesia’s Ministry of Finance, Gong Jingyan of People’s Bank of China; Mustafa Necmeddin of Turkey’s Ministry of Justice, Deputy Director Muhammad Al-Rashdan and Deputy Director Shannon Rutherford.
APG assessment team will conduct meetings to discuss the second draft of Mutual Evaluation Report (MER) with relevant stakeholders. Team will meet officials from Ministry of Finance, State Bank of Pakistan, Securities and Exchange Commission of Pakistan and Federal Investigation Agency.
If Pakistan fails to satisfy the FATF delegation to remove its name from the “grey list”, then a new plan of action can be given to the country.
In February, FATF directed Pakistan to take more steps to curb money laundering.
In June last year, Pakistan made a commitment to work with FATF and APG to strengthen its AML/CFT regime and to address its terrorism financing-related deficiencies by implementing an action plan to accomplish these objectives.
FATF, a global body that combats terror financing and money laundering, had taken decision to place Pakistan on its ‘grey list’ during a plenary meeting in February 2018.
Pakistan was formally added to ‘grey list’ of countries involved in providing monetary assistance to terrorism and related causes after a June 2018 meeting of FATF in Paris.
Country was also included in the list from 2012 to 2015.