Federal Minister for Economic Affairs makes new revelations over Pakistan's FATF action plan
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ISLAMABAD - Federal Minister for Economic Affairs Hammad Azhar says Pakistan is committed to complete all the points in action plan of Financial Action Task Force (FATF) by next year.
Addressing a news conference in Islamabad on Wednesday, he said Pakistan's progress has been duly recognized in September report of the organization.
Hammad Azhar said the country has made significant progress on many points of the action plan of Financial Action Task Force in a short period of 10 months. He said till last month, only five action items remained to be completed and twenty two items were largely or partially completed out of twenty seven. He said the performance of Pakistan was largely appreciated at the plenary session.
He said some circles wanted to merge action plans of Asia Pacific Group and International Cooperation Review Group of FATF which could have made the situation quite difficult for Pakistan as the action items could have exceeded 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 Pacific Group for compliance which is a success for Pakistan.
The Minister said on the other hand Pakistan will get time by October next year for the action plan of International Cooperation Review Group of FATF.
The Minister said a dedicated secretariat is being established for issues relating to FATF. In addition, a cell has also been established in all relevant 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 enforcing agencies, all provincial governments and federal board of revenue in achieving the objectives.
He said next final report will be submitted to FATF in January next.
