ISLAMABAD: The visit of a delegation of the Financial Action Task Force’s (FATF) Asia Pacific Group (APG) to Pakistan was wrapped up recommendations to take more steps against terror financing and money laundering.
The AGP group proposed Pakistan to tighten laws, rules and regulations, and fixing flaws in the mechanism of running institutions. The FATF team will present its observational report on Pakistan on November 19. In response to which, Pakistan will also submit its own account on the matter after reviewing the report published by FATF delegation.
On October 8, the FATF AGP arrived in Islamabad for the final negotiations with the authorities in Pakistan. During its 12-day visit, the mission reviewed the administrative and legal measures taken by Pakistan to curb the financial assistance to terrorists.
The delegation of Financial Action Task Force demanded from the government of Pakistan to take a number of steps to ameliorate its position on the global forum.
The international body asked the government to keep a record of transactions, from 3000-15000 US dollars and euros, taking place in the form of assets, gold and other sectors like metal business and law firms.
The initiative will also be applicable on accountants, trust and service providing companies. In June this year, Pakistan vowed to implement the action plan negotiated with the Financial Action Task Force to address concerns of the international community. Pakistan’s name was placed on the ‘grey list’ during the FATF Plenary session in Paris on June 28. NNI