Pakistani delegation leaves for Paris to attend FATF meeting

ISLAMABAD: Pakistani delegation has left for Paris on Sunday to attend a meeting with the Financial Action Task Force (FATF).

According to the details, the next meeting of the Financial Action Task Force (FATF) is scheduled to be held in Paris from 13th to 15th October.

Pakistan has already prepared its compliance report, which would be presented by Minister for Economic Affairs Division Hammad Azhar.

Pakistan will present relevant documents regarding additional questions asked by FATF on money laundering.

Meanwhile, a report finalised by the Securities and Exchange Commission of Pakistan (SECP) on Wednesday has stated that the Commission’s comprehensive guideline has helped financial us to generate 219 Suspicious Transactions Reports (STRs) in one year.

Also read: Pakistan submits report on combating terrorism to FATF

The scheduled meeting would be the final round of talks between Pakistan and FATF after which the group would decide whether to clear Pakistan out of the FATF grey list or to move it into the blacklist.

Being on the blacklist means its banking system will be regarded as one with poor controls over AML and CFT standards forget bringing PayPal to Pakistan. expatriates will find it difficult to send remittances.

The government, too, will struggle to raise funds from international markets if the country is placed on the blacklist.