ISLAMABAD – The Financial Action Task Force (FATF) has handed over a12-point action plan to Pakistan calling for strengthening laws, proceduresand mechanism to combat money laundering and terror financing and anevaluation team of the Asia Pacific Group (APG) is scheduled to visitIslamabad next week to review progress on these points.

This upcoming visit of the APG is considered very important to avoidfurther down-gradation and all relevant agencies and departments areplacing the required framework with implementation plan to convince theworld that Islamabad is taking all desired steps. According to the Ministryof Finance, Finance Minister Dr. Shamshad Akhtar chaired the meeting ofNational Executive Committee (NEC) here the other day.

The NEC is a high level body established to oversee both policy andimplementation matters of the Anti-Money Laundering and Counter Financingof Terrorism regime. The meeting, among others, was attended by interiorminister and minister of law, governor of State Bank of Pakistan, secretaryforeign affairs and senior officials of FMU, NACTA, FIA, FBR, SECP andother departments and institutions concerned.

The meeting took stock of the progress made to strengthen the institutionalframework and coordination for the implementation of the FATF Action Plan.

Most agencies reported having set up focal points and dedicated units topursue effective implementation. Senior officers from various departmentsbriefed the meeting on progress regarding their respective spheres of workand there was an agreement that all the agencies will coordinate tofast-track work on the FATF Policy Action Plan to ensure effectivecompliance with the action plan.

In line with its mandate, the Financial Monitoring Unit (FMU) willcoordinate, review and prepare a consolidated progress report for finalsubmission to the Asia-Pacific Joint Group by the middle of August 2018.