BANGKOK (92 News) – Pakistan’s 15-member economic team led by Minister for Economic Affairs Hammad Azhar will answer 125 questions of Financial Action Task Force’s (FATF) Asia Pacific Group (APG) in Bangkok today on (Monday).
A team of Pakistani officials attended the session of holding talks with the FATF’s APG in Bangkok. Pakistani team led by Hammad Azhar will submit replies to 125 questions of the APG, which had been asked to take Pakistan out of the grey list
During the meeting, a session of cross-questioning would also be held between the two sides. Pakistan will give replies for a final evaluation of anti-money laundering and countering the terrorism financing report.
The Asia-Pacific Group will analyze Pakistan’s targets and implementations over its overall recommendations. Pakistan will argue its case and present its final defence.
The new National Risk Assessment will be presented in the session and the reports for measures to prevent illegal activity in financial institutions will also be submitted.
The decisive report will be forwarded to the FATF after the meeting. It was reported that the outcome of the talks would decide whether Pakistan’s name stayed on the grey list or would it be added to the black list.
Led by Hammad Azhar, the committee comprises representatives of all the institutions concerned with money laundering and terror financing including the State Bank of Pakistan (SBP), SECP, Director General Federal Investigation Agency (FIA), Federal Board of Revenue (FBR) and the Financial Monitoring Unit (FMU).
The next FATF session will be held in Paris by the end of October.
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.