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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According to a source, the FATF working committee will be informed by the Pakistani representatives ahead of an official body conference, the briefing would address how Pakistan has fulfilled an earlier agenda given to it by the Financial Task Force.