BANGKOK: Pakistan’s economic team is scheduled to hold a meeting today with the Financial Action Task Force’s (FATF) Asia Pacific Group (APG) for a final evaluation of its anti-money laundering.
Talks will be held in Bangkok from 8th to 10th September. The team will submit replies to 125 questions of the APG, which had been summoned in order to take Pakistan out of the grey list. A session of cross-questioning would also be held during the talks between the two sides.
Particular emphasises has been placed on measures the state has adopted and implemented for freezing the assets of banned organizations, curbing the financing of banned outfits and legislation for restricting money laundering.
A report will also be reviewed on steps taken by the country for monitoring all welfare organisations’ at the federal and provincial levels by the Securities and Exchange Commission of Pakistan (SECP).
The FATF had also asked Pakistan to ensure registration of businesses of gold, other jewelry, and precious stones, and the condition of holding National Identity Card (NIC) has been termed must for doing such business activities.
Pakistan’s targets and implementations over its overall recommendations will be analysed in the meeting. It will argue its case and present its final defense. The decisive report will be forwarded to the FATF after the meeting.
The outcome of the meeting will decide whether Pakistan’s name stayed on the grey list or would it be added to the blacklist.
Pakistan’s name in the grey list means that Pakistan would be required to submit follow-up reports to the APG on a quarterly basis.
The next session of FATF is scheduled to be held in Paris by the end of October. Pakistan is currently being monitored at three different but interlinked levels, APG, the United States, and the FATF.
Also read: FATF to evaluate Pakistan’s progress on 8th Sept
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