The Financial Action Task Force’s (FATF) Working Group has reportedly expressed satisfaction over the progress report submitted by Pakistan, comprising its performance from October 2019 till January 2020 in compliance with the watchdog’s 27-point action plan to curb money laundering.
A delegation led by Minister for Economic Affairs Division Hammad Azhar briefed the watchdog in Beijing about the progress made by Pakistan.
The delegation comprises representatives from the National Counter-Terrorism Authority (NACTA), Ministry of Foreign Affairs, State Bank of Pakistan (SBP), Pakistan Customs, Ministry of Interior and the Financial Monitoring Unit.
The FATF authorities have been told that sanctions have been imposed on thed outlawed outfits. The delegation also informed the watchdog that case registration over terror financing in Pakistan has increased by 451 per cent. Arrests over terror financing have increased by 677 per cent while the process of giving penalties in such cases has increased by 403 per cent, the FATF was told. As of December 2019, some 827 cases of terror financing have been registered, the Pakistani delegation told the FATF. Thursday is the last day of talks between Pakistan and the FATF. Pakistan will be judged by an FATF plenary meeting in February on the basis of the Working Group’s report for a possible exit from the ‘grey list’ or at least avoiding an entry into the black list.