Govt formulates effective strategy for FATF meeting in Paris

ISLAMABAD: The government has prepared an effective and functional strategy for the upcoming Financial Action Task Force (FATF) meeting in Paris following certain measures to curb money laundering and terror financing guidelines.

Pakistan’s finance secretary will lead the delegation in the meeting scheduled to be held from February 17-22.

Besides, the delegation will also inform the FATF representatives regarding steps taken by Pakistan against suspicious banking transactions and fake bank accounts.

Islamabad has already formulated legislation and measures to be implemented for fulfilling the financial task force’s conditions.

The government will put forward the measures Pakistan wants to adopt. The Asia-Pacific group will also present the report of previous meeting held in Sydney.

Last month, Pakistan attended the review group meetings of the FATF, held in Australia from January 8 to 10.

The review group discussed progress in four key areas – Terrorism Financing Risk Assessment report, Customs department report on cash couriers, implementation of United Nations Security Council resolutions, and inter-agency coordination.

Pakistan had assured the FATF that responses to the concerns would be provided in the next review meeting in order to comply with the requirements of the FATF.

Pakistan has been working on matters relating to FATF that put Pakistan on the grey list last year for not ‘doing enough’ to meet UN resolutions against organisations purportedly involved in terror financing and money laundering.