Islamabad 20 May 2018
Pakistan is giving finishing touches to its action plan that proposes measures for combating money laundering and financing to prevent itself from being placed on the grey list of a global watchdog next month, according to a media report.
A compliance report has been submitted by the Pakistani government to the Asia-Pacific Group (APG) — a sub-group within the Paris-based watchdog Financial Action Task Force — detailing the steps taken thus far and those that will be taken in the future to bring Pakistan’s financial, regulatory and legal landscape into compliance with the watchdog’s requirements, Dawn News reported.
On Friday, a meeting was convened at the Foreign Office to review the proposed actions which are to be discussed with APG joint working group in Bangkok next week.
This was the last in a series of meetings taking place within the government as officials race to meet the June deadline by when Pakistan will be placed on the FATF grey list.
A senior official in the finance ministry was quoted as saying in the report that a delegation from Pakistan would depart within the next few days for consultations with the APG’s Joint Working Group in Bangkok. That meeting will discuss the steps proposed by Pakistan to be taken
after June to exit the grey list. The report has been drawn up by the Financial Monitoring Unit, a department housed in the State Bank of Pakistan, according to sources with knowledge of the matter.
The FATF earlier sent an email to the SBP highlighting its concerns over the amnesty scheme introduced by the government in its last budget. ( PTI )