Pakistan seek positive development from the Financial Action Task Force plenary session

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Pakistan seek positive development from the Financial Action Task Force plenary session

*ISLAMABAD –**Pakistan seek positive development from the Financial Action Task Force plenary session.*

* The Financial Action Task Force (FATF) expressed satisfaction over Pakistani actions against money laundering and terror financing during a meeting in Paris on Wednesday.*

According to the sources, Pakistan avoids blacklist as FATF acknowledged actions against terror financing in the meeting. The sources stated that Pakistan received applaud at the FATF meeting, eliminating the concerns of being dragged to the global body’s blacklist.

Pakistan is currently on the grey list of the FATF and there would be no voting on removing the country from it as the grey list is enacted for a country for a period of two years.

“Another review of Pakistan’s implementation on the 27 targets will be held at the anti-money laundering forum in October 2020,” the sources maintained. It added that India’s bid to drag Pakistan into the blacklist of the FATF was foiled and the member states of the body applauded the country’s efforts towards implementing on their recommendations on the 14 out of a total of 21 targets.

During the review process, the member states remained satisfied over the actions taken by the State Bank of Pakistan (SBP), Security and Exchange Commission of Pakistan (SECP), Federal Board of Revenue (FBR) and Financial Monitoring Unit (FMU).

“The FATF also expressed its satisfaction over the working of NACTA along with the steps taken towards carrying out legislation against the smuggling of dollars from the country.”