ISLAMABAD - The Asia Pacific Group on Wednesday expressed concerns over the government’s measures to curb money laundering and terror financing.

The APG, a FATF-style regional body on money laundering, asked Pakistan to expedite efforts to control money laundering and terror financing. Talks between The FATF Asia-Pacific team and Pakistan continued on the third consecutive day in Islamabad. The APG delegation had reached Islamabad on Sunday night and will be in the country till October 19.

Sources said that government departments briefed the delegation that they were taking action against money laundering under the Companies Act. Similarly, the delegation was told that the government was monitoring non-profit organisations in the country. However, the APG team was not satisfied with the government’s measures and asked to give deadline to curb money laundering and terror financing.

Earlier, a day before, the APG was informed that punishments on account of illegal financial transactions at home and abroad were planned to be increased to a minimum of 3 years jail term and up to 10 years along with fines going up to Rs50 million each and attachment of properties for up to six months instead of 90 days.

In June 2018, Pakistan had made a high-level political commitment to work with the FATF and APG to strengthen its AML/CFT regime. Pakistan had also committed to address its strategic counter-terrorist financing-related deficiencies by implementing 10-point action plan to accomplish these objectives.

The successful implementation of the 10-point action and its physical verification by APG would lead the FATF to remove Pakistan from its grey list of countries by September 2019. Otherwise, Pakistan will be further downgraded into the black list.