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ISLAMABAD: Pakistan has made progress on 26 points of the action plan by the Financial Action Task Force (FATF) as a review group will meet today virtually to examine the implementation process.
The FATF had asked Pakistan to implement the 27-point action plan. The review group having China, United States, United Kingdom, France, and India will oversee Pakistan’s progress on the watchdog’s recommendations.
According to reports, Pakistan has made progress on 26 points out the action plan which has given hope that it could be removed from the so-called ‘grey list’. The review group’s report on Pakistan’s progress will be tabled before FATF Plenary meeting scheduled to take place from June 21.
The Finance Ministry is expected to form a special team to auction the properties of individuals and organizations involved in money laundering. The team will comprise of officers from five departments foreign financial experts.
The imports, exports and remittances of Pakistanis abroad will be monitored and cases will be set up for if funds are used for subversive activities. Pakistan will send a detailed report on FATF targets within the next few days.
It has been reported that Pakistan has made progress on 24 points of the action plan since the last FATF meeting. In February, the FATF has released its report on the assessment of Pakistan’s measures taken to address the global community concerns over how financial matters are handled.
Pakistan has delivered on 24 of the total 27 agenda points of FATF. The watchdog lauded Pakistan’s efforts against counter-terrorism financing and said law enforcement agencies have attempted to point out terror financing.
The watchdog further noted Pakistan not only barred the movement of all the listed men in the global list of terrorists but also kept a check on their accounts and channels.
