Pakistan team, FATF begin four-day talks in Bangkok

Methods implemented for compiling records of welfare organizations’ assets will be analysed by the FATF




Talks between Pakistan and The Financial Action Task Force (FATF) Asia Pacific Group (APG) started on Monday at Bangkok and Pakistan presented its latest report regarding implementation of FATF’s 27 points against money laundering and terror financing.

Pakistan’s 15 members delegation led by Minister for Economic Affairs Division Hammad Azhar held talks for a final evaluation of its anti-money laundering and countering the financing of terrorism (AML/CFT) report.

Pakistan’s economic team submitted replies to 125 questions of the APG, which had been summoned in order to take Pakistan out of the grey list.

Sources privy to Pakistan authorities have revealed that the danger of being relegated to FATF blacklist has been averted.

Particular emphasis 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 organizations’ at the federal and provincial levels by the Securities and Exchange Commission of Pakistan (SECP) during the four days talks.

Furthermore, the methods implemented for compiling the records of welfare organizations’ assets will be analysed by the FATF.

The FATF had also asked Pakistan to ensure registration of businesses of gold, other jewellery and precious stones, and the condition of holding National Identity Card (NIC) has been termed “must” for doing such business activities.

The Asia-Pacific Group will analyse Pakistan’s targets and implementations over its overall recommendations. Pakistan will argue its case and present its final defense. The decisive report will be forwarded to the FATF after the meeting and FATF will consider this report in October in it’s meeting that will take place at Paris.

Sources familiar with the matter told that the outcome of the talks would decide whether Pakistan’s name stayed on the grey list or would it be added to the black list.

FATF delegation was comprised of 16 members and headed by Chirstain while representatives of India, China, Germany, France, Japan and UK were also part of the delegation.

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.