ISLAMABAD: Pakistan is putting the finishing touches to its action planwith proposed measures for combating money laundering and terror financingwith the Paris-based Financial Action Task Force (FATF) to chart its wayforward once it is placed on the grey list by the global watchdog in June.
A compliance report has been submitted by the government to theAsia-Pacific Group (APG) — a sub-group within FATF — detailing the stepstaken thus far and those that will be taken in the future to bringPakistan’s financial, regulatory and legal landscape into compliance withthe watchdog’s requirements.
On Friday, a meeting was convened at the Foreign Office to review theproposed actions which are to be discussed with APG joint working group inBangkok next week.
This was the last in a series of meetings taking place within thegovernment as officials race to meet the June deadline by when Pakistanwill be placed on the FATF grey list.
A delegation from Pakistan would depart within the next few days forconsultations with the APG’s Joint Working Group in Bangkok. That meetingwill discuss the steps proposed by Pakistan to be taken after June to exitthe grey list.
The report has been drawn up by the Financial Monitoring Unit, a departmenthoused in the State Bank of Pakistan, according to sources with knowledgeof the matter.