FATF Asia Pacific delegation to arrive in Islamabad for crucial talks over terror financing
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ISLAMABAD - A delegation of FATF’s Asian Pacific Group is due to visit Pakistan in April to deliver a list of requirements for an action plan to counter money laundering and terror financing.
NACTA officials said that the financial watchdog has yet to provide recommendations or list weaknesses in Pakistan’s financial monitoring system. Most of FATF’s standards were met before the regulator held its plenary meeting in February, they said.
Last week, Interior Minister Ahsan Iqbal lashed out at the US over criticism of Pakistan’s alleged weaknesses. “Recent FATF action 2 put us in grey is in violation of process & politically motivated 2 pressurize Pakistan (to) follow Trump admin policies. Our successes against terrorism are recognized internationally,” he tweeted on Saturday. Defense analyst and former air vice-marshal Shahzad Chaudhry said that Pakistan should think strategically before confronting the US on its demands.
“Political manipulation will always take place if there is cleavage available to exploit that weakness,” he said.
However, Pakistani officials said that FATF’s decision would have no impact on the country’s $300 billion economy.
NACTA is working with departments to monitor and regulate the flow of funds and to close loopholes exploited to launder money, including terror financing.
The watchdog’s national coordinator, Lt. Cdr. Ihsan Ghani, said a task force formed last July would improve coordination between 27 agencies in Pakistan.
