ISLAMABAD – Federal Minister for Economic Affairs Hammad Azhar saysPakistan is committed to complete all the points in action plan ofFinancial Action Task Force (FATF) by next year.
Addressing a news conference in Islamabad on Wednesday, he said Pakistan’sprogress has been duly recognized in September report of the organization.
Hammad Azhar said the country has made significant progress on many pointsof the action plan of Financial Action Task Force in a short period of 10months. He said till last month, only five action items remained to becompleted and twenty two items were largely or partially completed out oftwenty seven. He said the performance of Pakistan was largely appreciatedat the plenary session.
He said some circles wanted to merge action plans of Asia Pacific Group andInternational Cooperation Review Group of FATF which could have made thesituation quite difficult for Pakistan as the action items could haveexceeded over one hundred. It was not logical, nor feasible for Pakistan.It has been now decided that we will get the whole period of Asia PacificGroup for compliance which is a success for Pakistan.
The Minister said on the other hand Pakistan will get time by October nextyear for the action plan of International Cooperation Review Group of FATF.
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The Minister said a dedicated secretariat is being established for issuesrelating to FATF. In addition, a cell has also been established in allrelevant government departments to comply with the requirements of FATF.
He hailed the work of Financial Monitoring Unit, State Bank of Pakistan,Securities and Exchange Commission of Pakistan, armed forces, law enforcingagencies, all provincial governments and federal board of revenue inachieving the objectives.
He said next final report will be submitted to FATF in January next.
