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APG to file report on Pakistan’s steps against terror financing

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ISLAMABAD: Based on Pakis­tan’s ‘effective’ progress report, the Asia-Pacific Joint Group (APG) will submit next month its assessment of Islamabad’s progress on strengthening of its systems against money laundering and terror financing.

“The Pakistan delegation effectively presented Pakistan’s progress on each of the Financial Action Task Force (FATF) Action Plan items and provided additional information/clarification to the AP-Joint Group,” said a brief statement issued by the Ministry of Finance after two-day face-to-face meetings with the APG in Bangkok. It said the APG, as per the FATF’s procedures, would present its report in the FATF Plenary and Working Group meetings scheduled for October 13-18 in Paris, France.

The FATF plenary will conclude if Pakistan has sufficiently delivered on its 10-point action plan committed at the highest level in June 2018 to fight money laundering and terror financing in order to qualify exit from the grey list or be given some more time to make further progress.

A 15-member Pakistan delegation, led by Minister for Economic Affairs Division Mohammad Hammad Azhar, attended the two-day meetings with the APG to discuss progress on the FATF action plan. The delegation included representatives from the Federal Board of Revenue, State Bank of Pakistan, Securities and Exchange Commission of Pakistan, National Counter Terrorism Authority (Necta) and Federal Investigation Agency.

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Sobia Umair

Sobia Umair

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