FATF satisfied with Pakistan’s efforts to curb money laundering | Pakistan Today

FATF satisfied with Pakistan’s efforts to curb money laundering

BEIJING: Financial Action Task Force’s (FATF) Working Group has expressed satisfaction on the progress report submitted by Pakistan, comprising its performance from October 2019 till January 2020 in compliance with the watchdog’s 27-point action plan to curb money laundering.

A delegation led by Minister for Economic Affairs Division Hammad Azhar briefed the terror-finance watchdog in Beijing about the progress made by Pakistan.

The delegation, comprises representatives from the National Counter Terrorism Authority (NACTA), Foreign Ministry, State Bank of Pakistan (SBP), Pakistan Customs, Interior Ministry and Financial Monitoring Unit, is currently in the Chinese capital to meet with the FATF.

FATF reviewed Pakistan’s response to its arguments while Azhar gave a detailed briefing to the global body.

The FATF authorities have been told that sanctions have been imposed on outlawed outfits. The delegation also informed it that case registrations for terror financing increased by 451 percent. Whereas, arrests in terms of terror financing increased by 677 percent and the process of giving penalties in such cases increased by 403 percent.

As of December 2019, 827 cases of terror financing were registered, the Pakistani delegation informed the FATF.  Thursday is the last day of talks between Pakistan and the FATF.



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