Minister briefs APG about Pakistan’s progress on FATF action plan

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Economic Affairs Division Minister Muhammad Hammad Azhar has discussed Pakistan’s progress on the Financial Action Task Force’s (FATF) action plan during meetings with the Asia-Pacific Joint Group (APG), a statement issued by the finance ministry on Wednesday read.

According to the statement, “A senior-level delegation led by Hammad Azhar attended two days of ‘face-to-face meetings’ with the Asia-Pacific Joint Group to discuss Pakistan’s progress on FATF Action Plan.”

The minister conveyed the government’s strong commitment to implement the international anti-money laundering (AML)/combating financing of terrorism (CFT) standards and reaffirmed Pakistan’s unequivocal commitment to work with international community in the fight against money laundering, terrorism financing and other financial crimes, the ministry added.

The APG has 40 recommendations for the AML standards and another eight for CFT.

The finance ministry statement added that as per FATF’s procedures, the APG will present its report in the FATF Plenary and Working Group meetings scheduled from October 13-18 in Paris, France.

Pakistan is currently being monitored at three different but interlinked levels — APG, the United States and the FATF — that would determine the country’s possible exit from the FATF grey list.

Given significant progress on its 10-point action plan on 27 different standards, authorities expect to secure a couple of months of grace period to be fully compliant when the country comes under final review of the FATF by mid-October.

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