Meeting reviews progress on FATF action plan, APG assessment  

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  • Finance minister calls for an effective monitoring mechanism to ensure that all stakeholders complete the assigned tasks within delegated timelines

ISLAMABAD: Finance Minister Asad Umar chaired a meeting on Saturday to review progress on Financial Action Task Force (FATF) action plan and Asia Pacific Group (APG) assessment.

The Financial Monitoring Unit (FMU) director general briefed the minister about the actions taken so far on both FATF Action Plan and the APG assessment.

The minister emphasized the need to enhance the level of institutional coordination to ensure timely accomplishment of FATF action plan. He also desired appropriate and complete responses to APG’s follow up queries. Further, it was agreed to develop an effective monitoring mechanism to ensure that all concerned stakeholders complete the assigned tasks within delegated timelines.

The minister directed that all stakeholders to develop internal actions plans which shall be monitored on a fortnightly basis. Senior officials of the Ministry of Finance and other relevant stakeholders attended the meeting.

Earlier this month, the finance minister had resolved the government’s commitment to implement the international Anti Money Laundering and Counter Financing Terrorism (AML/CFT) standards and reaffirmed Pakistan’s strong and unequivocal commitment to work with APG and FATF in the fight against money laundering, terrorist financing and other financial crimes.

He had particularly emphasized that Pakistan would continue to take all actions required to further strengthen its AML/CFT regime.

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