Federal government takes important decisions over FATF issue

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Federal government takes important decisions over FATF issue

In order to effectively combat the menace of money laundering, the National Financial Action Task Force (FATF) Secretariat will be equipped with the experienced tax officials of the Federal Board of Revenue (FBR).

The Establishment Division has written a letter to the Chairman FBR Javed Ghani that FATF Secretariat urgently requires the services of suitable officials for posting as Directors and Deputy Directors on a deputation basis. Subsequently, the FBR has asked its officials to apply for the said positions at the FATF Secretariat for onward submission to the Establishment Division.

Federal Minister for Economic Affairs Hammad Azhar has already announced that a dedicated autonomous secretariat was being established for issues relating to the FATF, which will work in coordination with all the provinces and departments.

Moreover, special cells have also been set up in all the relevant government departments to comply with the requirements of FATF, he added.

The Establishment Division has also requested the Auditor General of Pakistan (AGP) to provide officials for the FATF Secretariat.

The FBR had established a Financial Action Task Force (FATF) cell under the Director-General of Intelligence and Investigation, Islamabad, to ensure effective and timely implementation of measures against terror financing carried out through currency smuggling.

The cell will seek information required for FATF-related work from the FBR, field formations, directorates, and records of meetings. The FATF cell will serve as a focal point for all activities related to customs compliance for FATF issues.

The National Accountability Bureau (NAB) established the Anti-Money Laundering/Combating Financing of Terrorism Cell at the NAB Headquarters. The main responsibilities of the Anti-Money Laundering/Combating the Financing of Terrorism Cell include compliance, monitoring analysis, and coordination with the National FATF Secretariat and relevant stakeholders.