Pakistani delegation in China for APG meeting
A 10-member Pakistani delegation under Finance and Revenue Secretary Younus Dagha left for China on Tuesday to attend a session the Asia-Pacific Joint Group (APG) a regional affiliate of the Financial Action Task Force.
The delegations comprises director generals of the foreign affairs ministry, National Counter Terrorism Authority and Financial Monitoring Unit (FMU), a joint secretary of the interior ministry, chief customs of the Federal Board of Revenue (FBR), executive directors of the State Bank of Pakistan and Securities and Exchange Commission of Pakistan and a director of the Federal Investigation Agency.
The APG meeting is scheduled for May 15-16 in Guangzhou. Pakistan has already submitted a report of its actions and activities taken against proscribed organisations and strengthening of systems to block illegal flow of funds that could be used against any state or considered a threat to global financial systems.
Before the delegation’s departure, the government revised its national risk assessment of the corporate sector, strengthened customs procedures on borders and inland movement of funds and assets and put nine more entities on the list of proscribed organisations to build a robust case of its exit from FATF’s grey list.
A senior government official said the internal control of the banking and non-banking financial institutions, insurance companies and stock exchanges had been strengthened on the directives of the federal government and the SBP to check and curb the possibility of money laundering and terror financing. The accounts openings are now subject to additional checks to keep a check on the proscribed entities.