BEIJING: Pakistan’s officials and the Financial Action Task Force continued discussion in Beijing, where Islamabad’s compliance update on the four-month improvement on the FATF action plan was checked.
According to the sources, FATF officials were briefed on four-month progress in enforcing the action plan by Pakistani authorities, the briefing was provided by Federal Minister of Economic Affairs Hammad Azhar outlining the Government’s effective anti-money laundering (AML) and counter-financial terrorism (CFL) initiatives.
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Federal Minister Hammad Azhar said that stringent bans have been placed on banned groups, while the rate of terror-financed case identification increases to 451 percent and category arrests increase to 677 percent.
He explained that the penalty rate enforced in terror-financing cases has seen an increase of up to 403%, while the concerned institutions have confiscated Rs314.2 million.
Earlier on January 20, A Pakistani delegation had landed in Beijing on Sunday for a Financial Action Task Force (FATF) meeting scheduled later this month at which the organization would scrutinize the country’s attempts to implement stringent anti-terrorism funding and money laundering regulations.
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