ISLAMABAD - Pakistan has reaffirmed its unequivocal commitment to work with international community in the fight against money laundering, terrorism financing and other financial crimes.

A senior level Pakistan delegation led by Muhammad Hammad Azhar, Minister for Economic Affairs Division, attended two days face-to-face meetings with FATF’s Asia-Pacific Joint Group (AP-Joint Group), to discuss Pakistan’s progress on FATF Action Plan in Bangkok. The Pakistan delegation effectively presented Pakistan’s progress on each of the FATF Action Plan items and provided additional information/clarification to the AP-Joint Group.

The minister conveyed government’s strong commitment to implement the international AML/CFT standards and reaffirmed Pakistan’s unequivocal commitment to work with international community in the fight against money laundering, terrorism financing and other financial crimes.

As per FATF’s procedures, the AP-Joint Group will present its report in the FATF Plenary and Working Group meetings scheduled from October 13-18 in Paris, France.

Group to present its report in plenary meeting in October

According to reports, the FATF’s Asia Pacific Group had scrutinised Pakistan’s compliance report on supervision of regulatory regime and investigation against outfits and persons involved in offences of terror-financing. The group had also scrutinised Pakistan’s performance on key issues related to terrorists, terrorist organisations and financiers for preventing from raising, moving and using funds and form abusing the non-profit organisations (NPO) such as NGOs sector.

The FATF will evaluate the report submitted by Pakistani officials. It will make a final decision on whether to exclude Pakistan from its grey list, keep it or place it on the black list at a meeting in Paris on October 13-18. The FATF placed Pakistan on grey list in June 2018 and came up 27-point action plan for graduating it within one-year period. Pakistan has been given deadline of October 2019 and now Islamabad had submitted its compliance report on 27-point action plan.

Officials of the State Bank of Pakistan, ministries of finance and interior, Federal Investigation Agency, Securities and Exchange Commission of Pakistan (SECP), Federal Board of Revenue (FBR), National Counter Terrorism Authority and the Financial Monitoring Unit have also been part of the talks.