Pakistan-FATF talks: Delegation led by Hammad Azhar leaves for Bangkok

ISLAMABAD (92 News) – A delegation led by Federal Minister for Economic Division Hammad Azhar left for Bangkok on Saturday for the decisive talks between Pakistan and the Financial Action Task Force (FATF). The regular talks between Pakistan and Asia Pacific Group will start from Monday. During the talks, the Pakistan report on 125 supplementary questions will be reviewed. The participants will be briefed about the steps taken by Pakistan to check money laundering, confiscation of the assets of banned organizations and steps to control their activities Despite Indian efforts against Pakistan, the APG – the regional affiliate of the FATF – has expressed satisfaction with Pakistan’s third performance report. During a meeting held for five-year mutual evaluation of Pakistan’s progress on upgrading its systems in all areas of financial and insurance services and sectors in Canberra, the Asia-Pacific Group lauded the efforts of Pakistan and termed steps taken by it as the best. Pakistan’s Financial Monitoring Unit also signed a Memorandum of Understanding (MoU) with the Chinese Anti Money Laundering Monitoring and Analysis Center on exchange of financial intelligence.

Media reports of Pakistan being blacklisted by FATF baseless

The Ministry of Finance dismissed Indian media reports stating that Pakistan had been blacklisted by the APG of the FATF. “Media reports circulating about Pakistan being blacklisted by APG are incorrect and baseless,” a spokesperson from the ministry said, adding that a press release would follow shortly. On August 21, in the 450-page report, the group was informed about 21 steps implemented to curb money laundering and financial assistance of terrorism. A senior-level delegation from Pakistan, headed by Governor State Bank of Pakistan Dr Reza Baqir, attended the meeting. The MER covers the period from February to October 2018 and identifies a number of areas where further actions are required to strengthen the AML/CFT framework. The APG is the FATF-style regional body for the Asia-Pacific region. It is an inter-governmental organisation founded in 1997 in Bangkok. The mutual evaluation process by the APG is separate from the FATF but it is based on the implementation of 40 FATF recommendations. In the discussions, Pakistan welcomed engagement with the international community in its efforts to countering terrorism and money laundering. The second meeting of the FATF will be held in Bangkok in September this year.