*ISLAMABAD – Finance Minister Asad Umar on Tuesday chaired a meeting of theNational Executive Committee (NEC) on Tuesday to review the progress onFinancial Action Task Force (FATF) action plan.*
According to a statement released from the ministry, the National CounterTerrorism Authority (NACTA) made a detailed presentation on the terroristfinancing risk assessment, prepared jointly by NACTA and FIA inconsultation with a number of relevant authorities.
After detailed deliberations on various aspects of the assessment report,the NEC approved the same subject to addressing certain observations inrespect of key policy and legislative areas. NACTA will finalize the reportaccordingly.
The NEC also approved the risk assessment report on cash smuggling preparedby FBR-Customs. Financial Monitoring Unit (FMU) presented the analysis onsuspicious transaction reports filed by the financial sector in the lastthree years and the law enforcement actions taken against money launderingand terrorism financing on the basis of such reports.
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The NEC advised the authorities concerned to enhance enforcement actionsand adopt a result oriented approach, reads the statement.
The chairman NEC advised all the departmental heads to regularly monitortimely implementation of the FATF Action Plan. The need for a coordinatedeffort with the provinces was also highlighted in the meeting.
