Pakistan submits reply to FATF Asia Pacific Group: Hammad Azhar
BANGKOK (92 News) – Federal Minister for Revenue Hammad Azhar said that Pakistan had submitted its reply to 125 questions asked by Financial Action Task Force’s (FATF) Asia Pacific Group.
Talking exclusively to 92 News on Wednesday, he said that they had also briefed the FATF APG about four-month performance of Pakistan.
“Pakistan has made a significant progress in 4-5 months. The decision on removing Pakistan from grey list will be made on the report about our performance next month,” he said.
On Monday, Pakistan’s 15-member economic team led by Minister for Economic Affairs Hammad Azhar had answered 125 questions on the first day of the session of Financial Action Task Force’s (FATF) Asia Pacific Group (APG).
The session also discussed the final evaluation of anti-money laundering, countering the terrorism financing report and the new National Risk Assessment.
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 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.