FATF delegation set to visit Pakistan in Oct

ISLAMABAD: A Financial Action Task Force (FATF) delegation is set to visit Pakistan in October as the federal government and relevant departments launch preparations for the visit.

A Securities and Exchange Commission of Pakistan (SECP) policy board’s meeting under the chairmanship of the finance secretary was held on Wednesday to overview relevant issues regarding the visit. A nine-point agenda regarding the visit was discussed during the meeting.

Furthermore, a working paper has been prepared by the SECP against terror-financing and money laundering with listed recommendations including measures to identify foreign and local transactions.

The FATF delegation will submit recommendations over whether to move the country to the organisation’s black-list or remove it from the grey-list.  In August this year, Finance Minister Asad Umar said that the country had been given 15 months to comply with the organisation’s requirements. The deadline, according to the finance minister, has been set to September, 2019.

“27 deficiencies have been identified by the FATF having to deal with currency smuggling, havala and terror financing of proscribed organisations,” he informed the Senate last month, adding that the delegation had visited as part of a routine evaluation and not related to Pakistan’s position on the grey-list. A National Action Committee had also been formed over the matter, the finance minister said at the time.

In June this year, Pakistan was added to the grey-list of the FATF for failing to curb terrorism financing. In response, the country had made a “a high-level political commitment” to cooperate with the Asia/Pacific Group on Money Laundering (APG) to fight against money-laundering and terrorism financing.