FATF not impressed by Pakistan's efforts to curb terror financing: Report
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ISLAMABAD - Financial Action Task Force (FATF) has asked Pakistan to do more to strengthen its legal framework if it wants to avoid being blacklisted by the Paris-based anti-money laundering watchdog, according to a media report on Thursday.
Pakistan has been scrambling in recent months to avoid being added to a list of countries deemed non-compliant with anti-money laundering and terrorist financing regulations by theFATF, a measure that officials here fear could further hurt its economy.
A second team of experts from the FATF arrived over the weekend to review the progress made by Pakistan on an action plan agreed in June to address global concerns.
The delegation of the Asia Pacific Group (APG) of the FATF was not impressed with the progress made by Pakistan so far as it found the legal framework insufficient, and the institutional arrangements weak.
According to sources, the delegation feared that the setup installed for scrutinising the activities of non-profit organisations, brokerage houses, exchange companies and donations of corporate entities - registered under the companies act - was not robust enough.
