FATF delegation raises serious concerns over the terror financing laws implementation in Pakistan
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ISLAMABAD - Financial Action Task Force (FATF) delegation has raised serious concerns over Pakistan's terror financing laws implementation.
FATF has urged Pakistan to toughen its laws and implementation against terror financing and money laundering, media reports said.
The Asia Pacific Group (APG) on Money Laundering, which is currently in Pakistan, will submit a report to the Paris-based FATF which placed Pakistan on its 'grey list' in June.
The delegation, according to reports, asked Pakistan to enact appropriate laws enabling local officials to act upon requests of foreign countries to freeze illegal assets and extradite those involved in terrorism financing and money laundering.
It met officials of the Financial Monitoring Unit (FMU) of the State Bank of Pakistan, Securities and Exchange Commission of Pakistan (SECP), National Counter Terrorism Authority (NACTA), Federal Investigation Agency (FIA) and representatives of ministries of foreign affairs and interior.
The APG's Mutual Evaluation report can play a critical role in retaining or removing Pakistan from the grey list.
